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Karl Marx
Karl Marx's era was from 1818-188. He was more then just an economist, a historian, a sociologist. He held extreme views. Through his various skills he was able to analyse capitalism and the ways in which it affected the economies. According to Marx history is the struggle for power of competing classes based on their material interests in the production process. Marx saw capitalism as a specific and historically limited form of social organisation. The internal dynamics of capitalism, he argued would eventually create conditions ripe for its overthrow by the working class and the institution of a new form of a social organisation based on collective ownership. Max adhered to the labour theory of value the theory that the value of commodities ultimately depends on the human labour time expended in their productions. Marx added a new concept to explain how profits could be generated in a society built on equivalent exchanged of commodities and money. Under capitalism, labour power is treated as a commodity like any other; workers are paid according to the cost of their reproduction and maintenance. But workers in fact can produce an equivalent to their subsistence in only part of a working day. The difference between the labour workers spend producing for a capitalist and the labour time equivalent to the wages they actually receive Marx called surplus value. Here, he argued, was a scientific index of exploitation. But it was, Marx argued the workers who would get the last laugh. Capitalists, faced with competition, are continually driven to expand and mechanise production, thus eliminating some labour costs. But since labour is the ultimate source of value, capitalists, in effect, are cutting their own throats. Marx argued that over the long term the rate of profit would fall, while at the same time more and more people would be left without jobs. Capitalism would finally collapse when there is a combination of economic crises of increasing severity and the development of class-consciousness among workers.
Marx did have some influence on economic theories in the non-communist countries but the capitalist economic breakdown did not break down as much as he expected it would, nor did the rate of profit.
Adam smith
Essay help on economists
Adam Smith's era was from 17 170. Smith invested heavily into demonstrating that selfish intentions could lead to public good. He was very interested in showing how altruism could come out of self interest and to reveal how the self interest of private individuals could be transformed by the sleight of an invisible hand (the unfettered market) into social harmony and public benefit, producing the wealth of the nation in the best possible ways. Smith proposes that first on the list of the wealth of nations was the division of labour. He believes that the dramatic increases in productivity possible through the division of labour. He pointed out that the division of labour does not occur because individuals possess an overall perception of its ultimate benefit society. Rather, the division of labour occurs simply because it is in each individual's self interest to specialise and to exchange. Smith also believed that any government attempt to guide or to regulate the actions of individuals in the economic marketplace would end up doing more harm then good.
Marx's theories do not play much of a role in today's influence as his critics does not fit industrialised Western countries today where the state plays a large role and large corporations have been replaced the shop keepers. But his ideas on the wealth of nations make him remain a central figure in the development of economic thought.
John Maynard Keynes
John Maynard Keynes's era was from 188 146. Over the twenty-five years following the end of the First World War, Keynes transformed the way in which economics was viewed as a discipline and as an aspect of government policy. Keynes came up with the theory that the market is not a self-regulating mechanism. He believed that to bring the economy quickly out of depression and end high unemployment, some way of stimulating investment and capital expansion is needed; only by maintaining 'effective demand' a desire for goods and serviced among people who have the money income to pay for them can recessions be warded off. The natural entity to stimulate aggregate demand is the government using a combination of spending and regulation of tax-rates and money supply.
Keynes had a big influence on economic policies. This theory of his was not utilised by government policy makers for many years after the publication of his theories but keynesiam economics, as it is called, since the 150s, been a dominant force of government policy- making in the country and elsewhere.
Milton Friedman
Milton Friedman's era is starting from the 0th century. Friedman's standing contemporary economists drives primarily from his advocacy of the modern quantity theory of money and prices, of what has come to be known s monetarism the doctrine that the one crucial ingredient shaping short run economic fluctuations is change in the amount of money in circulation. The key to a healthy and non-inflationary economy, Friedman argued persistently over the last three decades, is a constant growth in the money supply. Monetary authorities, Friedman says, instead of tightening money during booms and loosing money during recessions should simply increase the money supply at a steady rate of between 5 percent a year. This was proven during the Great depression. Friedman also believes that the macroeconomy is in itself stable if left alone by the prying hand of government. His philosophy carries over into all areas of government intervention. He has pointed out time and again the unintended, negative effects of government intervention in the economy. His solution to many society's ills is a more competitive private market place, rather then increased government regulation, intervention and spending.
I don't think that Friedman he has had much influence yet on economic policies because of his opposition to government intervention.
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