This paper examines the theories of Adam Smith, Karl Marx and Thomas Malthus on the subject of economic growth.
Written in 2005; 675 words; 1 sources; $ 26.95
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.
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