Economic Theory vs. Reality

Paper Summary:

In this article, the writer looks at and compares the issue of economic theory and reality. In examination of this matter, the writer discusses the views and theories of Adam Smith, Karl Marx and Keynes.

From the Paper:

"Adam Smith has gotten a bad reputation in recent years. He has been held up as the darling of the New Right in its attempt to deify the `free market' and roll back the social reforms of the 20th Century, but for his time, Smith was remarkably on the money. He couldn't predict the dramatic technological and social upheaval of the subsequent industrial revolutions, but he was fully aware of the conflict between the interests of the business class and the public good, and gave plenty of warning of such."

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