Adam Smith, Marx, Keynes and Friedman


Book Description

Economic thought has suffered, over the past centuries, remarkable progress and, despite the fact that the contemporary world is characterized by the existence of distressing problems in many regions of the planet, such as diseases, misery, hunger, unemployment, incomprehension among peoples leading to wars and the latent state of international tension and violence, understood in its broadest sense, undoubtedly all currents of economic thought, throughout history, from Greek and Roman philosophers, to the scholastics of the Middle Ages, to mercantilists (these not much clearly), by 18th century liberals, by 19th century socialists and more recently, in the 20th century, by John Maynard Keynes (1888-1946) and Milton Friedman (1912-2006), emphasize the need to seek a more just, free and balanced world where man can have access to growing social well-being, materialized in the continuous meeting of his socio-political-economic needs and in the development of his spirit.The reasons for not fully achieving these goals - despite the remarkable scientific and technological progress achieved by Humanity - may lie in the nature of the human being himself, unequally endowed with aptitudes, desires and goals, an insatiable conqueror and increasingly self-centered.However, this moral and philosophical stance of great thinkers gives encouragement to those who envision a better world and, although the recipes are different - throughout history there has been a huge diversity of ideas and systems, many of them totally antagonistic (some liberal, others centralizing) - the ultimate goal is always the good of humanity.In this book, we present some ideas that we consider fundamental to understand the thinking of four great Men - Adam Smith (1723-1790), Karl Marx (1818-1883), John Maynard Keynes (1883-1946) and Milton Friedman (1912-2006). Sometimes in agreement, almost always divergent, their reading shows us how complex, different and grandiose human thought is and how to interpret the world around him.Put in the form of an "interview", let us pretend that the issues raised here are being said by them today. Without a doubt, we will be surprised to see many of their ideas with remarkable relevance, although none of the four is still alive."Let's talk", then, to Adam Smith, Marx, Keynes and Friedman.




The Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes


Book Description

History comes alive in this fascinating story of opposing views that continue to play a fundamental role in today's politics and economics. "The Big Three in Economics" traces the turbulent lives and battle of ideas of the three most influential economists in world history: Adam Smith, representing laissez faire; Karl Marx, reflecting the radical socialist model; and John Maynard Keynes, symbolizing big government and the welfare state. Each view has had a significant influence on shaping the modern world, and the book traces the development of each philosophy through the eyes of its creator. In the twenty-first century, Adam Smith's "invisible hand" model has gained the upper hand, and capitalism appears to have won the battle of ideas over socialism and interventionism. But author Mark Skousen shows that, even in the era of globalization and privatization, Keynesian and Marxian ideas continue to play a significant role in economic policy.




Great Economic Thinkers


Book Description

Great Economic Thinkers presents an accessible introduction to the lives and works of thirteen of the most influential economists of modern times: Adam Smith, David Ricardo, John Stuart Mill, Karl Marx, Alfred Marshall, Joseph Schumpeter, John Maynard Keynes, and Nobel Prize winners Friedrich Hayek, Milton Friedman, John Forbes Nash, Jr., Daniel Kahneman, Amartya Sen, and Joseph Stiglitz. Free from confusing jargon and equations, the book describes key concepts put forward by these thinkers and shows how they have come to shape how we see ourselves and our society. Readers will consider the role played by the division of labor, wages and rents, cognitive biases, saving, entrepreneurship, game theory, liberalism, laissez-faire, and welfare economics. All of the economists featured have had a profound influence on our attitudes towards market intervention and regulation, taxation, trade, and monetary policy. Each of the chapters—all written by an acknowledged expert—combines a biographical outline of a single thinker with critical analysis of their contribution to economic thought. If you’ve ever wanted to find out more about the theorists who gave us the invisible hand, Marxism, Keynesianism, creative destruction, behavioral economics, and many other foundational concepts of economics, this collection of essays is the perfect place to start.




The Big Three in Economics


Book Description

History comes alive in this fascinating story of opposing views that continue to play a fundamental role in today's politics and economics. The Big Three in Economics traces the turbulent lives and battle of ideas of the three most influential economists in world history: Adam Smith, representing laissez faire; Karl Marx, reflecting the radical socialist model; and John Maynard Keynes, symbolizing big government and the welfare state.




The Making of Modern Economics


Book Description

Here is a bold history of economics - the dramatic story of how the great economic thinkers built today's rigorous social science. Noted financial writer and economist Mark Skousen has revised and updated this popular work to provide more material on Adam Smith and Karl Marx, and expanded coverage of Joseph Stiglitz, 'imperfect' markets, and behavioral economics.This comprehensive, yet accessible introduction to the major economic philosophers of the past 225 years begins with Adam Smith and continues through the present day. The text examines the contributions made by each individual to our understanding of the role of the economist, the science of economics, and economic theory. To make the work more engaging, boxes in each chapter highlight little-known - and often amusing - facts about the economists' personal lives that affected their work.




General Theory Of Employment , Interest And Money


Book Description

John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning




Economics Evolving


Book Description

This book describes the history of economic thought, focusing on the development of economic theory from Adam Smith's 'Wealth of Nations' to the late twentieth century. The text concentrates on the most important figures in the history of the economics. The book examines how important economists have reflected on the sometimes conflicting goals of efficient resource use and socially acceptable income distribution.--[book cover].




The Great Economists


Book Description




What Would the Great Economists Do?


Book Description

An "exploration of the life and work of world-changing thinkers--from Adam Smith to John Maynard Keynes--and how their ideas would solve the great economic problems we face today"--Amazon.com.




Market Affect and the Rhetoric of Political Economic Debates


Book Description

What explains the "triumph of capitalism"? Why do people so often respond positively to discussions favoring it while shutting down arguments against it? Overwhelmingly theories regarding capitalism's resilience have focused on individual choice bolstered by careful rhetorical argumentation. In this penetrating study, however, Catherine Chaput shows that something more than choice is at work in capitalism's ability to thrive in public practice and imagination—more even than material resources (power) and cultural imperialism (ideology). That "something," she contends, is market affect. Affect, says Chaput, signifies a semi-autonomous entity circulating through individuals and groups. Physiological in nature but moving across cultural, material, and environmental boundaries, affect has three functions: it opens or closes individual receptivity; it pulls or pushes individual identification; and it raises or lowers individual energies. This novel approach begins by connecting affect to rhetorical theory and offers a method for tracking its three modalities in relation to economic markets. Each of the following chapters compares a major theorist of capitalism with one of his important critics, beginning with the juxtaposition of Adam Smith and Karl Marx, who set the agenda not only for arguments endorsing and critiquing capitalism but also for the affective energies associated with these positions. Subsequent chapters restage this initial debate through pairs of economic theorists—John Maynard Keynes and Thorstein Veblen, Friedrich Hayek and Theodor Adorno, and Milton Friedman and John Kenneth Galbraith—who represent key historical moments. In each case, Chaput demonstrates, capitalism's critics have fallen short in their rhetorical effectiveness. Chaput concludes by exploring possibilities for escaping the straitjacket imposed by these debates. In particular she points to the biopolitical lectures of Michel Foucault as offering a framework for more persuasive anticapitalist critiques by reconstituting people's conscious understandings as well as their natural instincts.