Economist Theorists
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ECONOMIC THEORISTS
Throughout history, there have been many economists, who have contributed greatly to economic theories. Among them are Adam Smith, John Maynard Keynes, and Jean Baptiste Say. also known as the Father of Capitalism. I will briefly discuss each person, and how their theories contributed to economics.
John Keynes was an English economist whose ideas greatly impacted modern economics as well as any government fiscal policies. Keynes was one of the greatest and most influential economists of the 20th century. For this reason, he is known as “the father of modern economics (Keynesian theory).” His popular expression “In the long run we are all dead” is still quoted today (wikipedia). Keynesianism was named for John Keynes. Keynesianism is an economic theory that promotes a mixed economy, where both the state and the private sector play an important role.
When the Great Depression hit, it fell on economists to explain it and devise a cure. Most economists were convinced that something as large and as the Great Depression must have complicated causes. Keynes, however, came up with an explanation of economic slumps that was surprisingly simple. Keynes explained that in a high level of employment, everyone is spending their earnings as usual (Keynesian theory). Keynes wrote several books such as General Theory of Employment, Interest and Money, and The Economic Consequences of the Peace. Many modern economists still follow his teachings today (wikipedia).
Adam Smith, known as the Father of Capitalism. Smith laid the intellectual framework that explained the free market and still holds true today. He is most often recognized for the expression “the invisible hand,” which he used to demonstrate how self-interest guides the most efficient use of resources in a nations economy, with public welfare coming as a by-product. To underscore his laissez-faire convictions, Smith argued that state and personal efforts, to promote social good are ineffectual compared to unbridled market forces (lucidcafe). His theory on beneficial workings of the free marketplace and his 1776 Wealth of Nations is what he is most noted for. An Inquiry into the Nature and Causes of the Wealth of Nations,” which examined in detail the consequences of economic freedom. It covered such concepts as the role of self-interest, the division of labor, the function of markets, and the international implications of a laissez-faire economy. “Wealth of Nations” established economics as an autonomous subject and launched the economic doctrine of free enterprise (economyprofessor). Smiths major works included The Theory