A Paper on Contributions of Adam Smith and John M. Keynes to the Study of Economics

A Paper on Contributions of Adam Smith and John M. Keynes to the Study of Economics

Document details
Category: Economics Essay
Subcategory: International Economics
Words: 1270
Pages: 2

Topic What contribution did Adam Smith and John M. Keynes make to the study of economics? Adam Smith was the founder of economics, as we know it today. His thoughts have shaped modern ideas about the market economy and the role of the state in relation to it. Smith laid the intellectual framework that explained the free market (which still holds true today) and laissez-faire. Both are connected with the underlying theme of economic growth. Smith's analysis is not confined to showing the interrelation between the different elements of a continually maintained system. It also explains how the system can generate the continual accumulation of wealth. And since, according to Smith, this process is most successful when left to the play of natural forces, his analysis leads him to urge governments to let well alone. Laissez-faire government believes commerce and trade should be permitted to operate free of controls of any kind there should be no tariffs or other barriers. The direct translation from the French language is leave alone to do, which is self-explanatory. 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 nation's economy, with public welfare coming as a by-product. And what drives this flow of goods and services? I quote Adam Smith from his book The Wealth of Nations "Every individual is continually exerting himself to find out the most advantageous employment for whatever capital he can command. It is his own advantage, indeed, and not that of the society, which he has in view. But the study of his own advantage naturally, or rather necessarily, leads him to prefer that employment which is most advantageous to the society. It simply encourages businesses to provide what consumers want and at the same time it discourages government involvement. He believed that the only responsibilities of the...

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