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Fathers of Economics
4
Fathers of Economics
By: Ben LaDue
Adam Smith
The father of economics
Adam Smith
What is the Wealth of Nations?
The wealth of nations (published 1776) outlines the invisible hand. It also outlines that there must be new institutions that evolve through fuedalism, this includes market controled wages rather than guild controlled, and having a free market. This ideaology later came to be known as "laissez-faire". This means that let go/ let do.
What is the "The Wealth of Nations"
Who is Adam Smith?
Adam Smith is a Scottish economist who is considered the father of capatilism. He is most known for publishing "The Wealth of Nations", and "The Theory of Moral Sentiments". He attended the University of Glasgow at age 13, which appointed him chair of philosiphy in 1752.
"Individual ambition serves the common good." Adam Smith.
Who is Adam Smith?
What is the invisible hand?
The invisible hand is an idea outlined in Adam Smith's book "The Wealth of Nations". The invisible hand is a metaphor that explains the unseen forces that drive a free market. Through both self intrest and freedom of production and consumption the greatest intrest of society is fulfilled. The invisible hand is part of the idea of lassiez-faire economics (let do/ let go).
What is the invisible hand?
Karl Marx
Adam Smith and Karl Marx don't support the same economic theory, they actually support two contrasting theories. Karl Marx supports a closed, completely controlled market, while Adam Smith supports a theory that the government should essentailly have no power on the market.
Karl Marx
Who is Karl Marx?
Karl Marx is a German philsopher who is the father of communism. He is most famous for wrting "The Communist Manifesto" which outlines the main idea that capatilism will fail and a workers union will take over. His main theory is communism which allows no private property, and the government controlls everything.
" Workers of the world unite; you have nothing to loose but your chains."
Karl Marx.
Who is Karl Marx?
Which Country embraced this economic theory?
The USSR embraced Karl Marx's economic theory. The USSR (created 1922, ended 1991) was a global superpower before and during the cold war. The USSR was the main country that embraced Karl Marx's theory of communism.
Which Country embraced this economic theory?
Alfred Marshall
Who is Alfred Marshall
Alfred Marshall was a British economist who was known for writing "Principles of Economics". His book was one of the best textbooks in England about mathmatics and economics. His book and ideas are still being spread in these textbooks today.
Who is Alfred Marshall?
"The most valuable of all capital is that invested in human beings."
Alfred Marshall.
John Keynes
Who is John Keynes?
John Keynes was a British economist who is most famous for Keynesian economics. Keynesian economics believes that because prices and inflation is somewhat rigid, flunctuations in any component of spending cause output to change.
Who is John Keynes?
"Markets can remain irrational longer than you can remain solvent."
John Keynes.
Milton Friedman
Who is Milton Friedman?
Milton Friedman is an American economist who is most famous for his contributions to economic theories. He has written many books on economic theories and has helped the U.S government to manage the economy, and to cap off his acheivments he won a Noble Prize in 1976.
Who is Milton Friedman?
"If you put the federal government in charge of the sahara desert, in 5 years there'd be a shortage of sand."
Milton Friedman.