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Economis Theorists Adam Smith, Karl Marx, And John Maynard Keynes And Their Contributions To The Field Of Economics

597 words - 2 pages

Throughout the centuries, there have been many economists, who have contributed to the many economic theories. Among them is Adam Smith, also known as the Father of Capitalism. His theory on beneficial workings of the free marketplace and his 1776 Wealth of Nations is what he is most noted for. Karl Marx, the Father of Communism, is most famous for his theory on the conflict within capitalism. There is also John Maynard Keynes, who is known as the Father of the Mixed Economy, and is known for Keynesian Economics. Each of them has had a great impact on economic theories of today.Adam Smith, who lived in the 18th century, is known as the Father of Economics. Prior to him, economics wasn't a big issue; either politics or philosophy was studied. No one really explored the issue of economics. Smith then wrote The Wealth of Nations and it was the start of an economic revolution. The book had Smith's basic economic ideas as well as a large amount of factual data. He explained the concepts of self-interest, the division of labor, the function of markets, and the international implications of a laissez faire economy. His views were greatly influenced by the three years he spent in France with the French Physiocrats, who promoted the laissez-faire policy. The policy called for the government to have a "hands-off" approach to trade and allow prices to seek their natural levels.The second economist who contributed a great amount of economic thought was Karl Marx. Marx, known as the Father of Communism, lived during the early 19th century. His theories were influenced by the Industrial Revolution, a time when child labor and the exploitation of workers were common. Marx's book, "Das Kapital" included his theories. Among them, he believed that all historic changes came about through...

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