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Who Gains from Growth?
Essay # 84537
Who Gains from Growth?
This paper examines the theories of Adam Smith, Karl Marx and Thomas Malthus on the subject of economic growth.
675 words (approx. 2.7 pages) |
1 source |
2005
Paper Summary:
The paper looks at the theories of political and economic thinkers such as Adam Smith, Karl Marx, and Thomas Malthus, who have sought to explain which segments of an economy gain from economic growth. The paper discusses that their theories often cannot provide conclusive answers as Richard Lewis observes in his discussion of labor supply implications. The paper explains that for example, Lewis notes in "Economic Development with Unlimited Supplies of Labor" that in many economies, an unlimited supply of labor is available at a subsistence wage. Subsequently, if a neo-classical Keynesian model is applied to such an economy, erroneous results will be obtained.More papers on Who Gains from Growth?:
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APA Citation:
Who Gains from Growth? (2012, January 15). Retrieved February 10, 2012, from http://www.academon.com/Essay-Who-Gains-from-Growth/84537
MLA Citation:
"Who Gains from Growth?" 15 January 2012. Web. 10 Feb. 2012. <http://www.academon.com/Essay-Who-Gains-from-Growth/84537>
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