Paper Summary:

This paper studies the two most influential economists of the modern era: Karl Marx (1818-1883) and John Maynard Keynes (1883-1946). This paper discusses how Marx's political philosophy and economic theories triggered some of the most significant revolutions in human history, while Keynes was responsible for introducing a whole new concept of economic theory that came to be known as Keynesian Economics and influenced the economies of several non-communist countries after the Second World War. The paper presents the main economic theories each economist and discusses their contribution to society -- then and now . The paper also compares and contrasts the theories and concludes with a brief assessment of their legacy and lasting impact.

Outline:
Economic Theories of Karl Marx
Materialist Concept of History
Stages of History
Theory of Surplus Value
Monopoly
Unemployment (Reserve Army)
Immiseration Theory
Economic Theories of John Maynard Keynes
Critique of Classical Economics
Government Spending and the Welfare State
Comparison of Karl Marx and John Maynard Keynes
Conclusion

From the Paper:

"Some of the similarities and differences in the economic philosophies of Marx and Keynes may be understood better if we consider the major philosophical influences on the two. Marx was greatly influenced by the German philosophers Friedrich Hegel and Ludwig Feuerbach. While Hegel is known for his philosophy of dialectical historicism, Feuerbach emphasized materialism. Combining the two philosophies Marx develop his own 'Materialist' concept of history. The major philosophical influences for Keynes were the analytical philosophy of G.E. Moore, and the pragmatic conservatism of Edmund Burke-elements that are reflected in his economic theories. (Hall and Smith 245)"

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