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Adam Smith and John Maynard Keynes, 2006.
An overview of the contribution to economics of Adam Smith and John Maynard Keynes.
2,588 words (approx. 10.4 pages), 7 sources, MLA, $ 78.95
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Abstract
There have been numerous philosophers and even thinkers in economics who have put forward their theories. This paper discusses two major philosophers of economics, Adam Smith and John Maynard Keynes. It looks at how Adam Smith, known commonly as the father of modern economics, influenced the growth of economic theory and the evolution of modern, market-based societies. It also discusses how the second great revolution in economic thought was by John Maynard Keynes and how his theory of Employment, Interest and Money bestows to academia a different way of looking at the aggregate economic universe.
Outline
Introduction
Adam Smith
John Maynard Keynes
Conclusion
From the Paper
"Smith was in support of free trade. He derived his support for free trade among nations by centering it on the obvious desirability of trade among individuals: "It is the maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy". Though Smith is usually thought to have relied on the Theory of Absolute Advantage to gain his support for free trade. According to Smith, free trade not only extended the extent of the market and, thereby, permitted greater division of labor; free trade also increased productivity by allowing countries to specialize in what they do well. In Smith's view of the workings of the market system, any short-run deviation of the market price from the long-run price would activate the forces of competition which would ultimately take the market price to its long-run level."
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Karl Marx and John Maynard Keynes, 2006.
An analysis of the two most important economists of modern times.
1,900 words (approx. 7.6 pages), 5 sources, MLA, $ 60.95
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Abstract
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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Theories Of Alfred Marshall and John Maynard Keynes, 1999.
Examines Marshall's contributions to Keynesian theory including the concept of expectations, monetary theory, quantity of money, liquidity preference. Discusses the impact of theories of Adam Smith, David Ricardo, John Stuart Mill and others.
8,100 words (approx. 32.4 pages), 32 sources, $ 135.95
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Abstract
The purpose of this research to consider the Marshallian contribution to the Keynesian argument. These contributions are related primarily to the concept of expectations, and to monetary theory. With respect to monetary theory, the emphasis in this research is on quantity of money and liquidity preference.
From the Paper
"THE MARSHALLIAN CONTRIBUTION TO THE KEYNESIAN ARGUMENT
Introduction
The purpose of this research to consider the Marshallian contribution to the Keynesian argument. These contributions are related primarily to the concept of expectations, and to monetary theory. With respect to monetary theory, the emphasis in this research is on quantity of money and liquidity preference.
Background
The Great Depression of the 1930s ushered in unemployment levels of 25 percent and higher in the United States and other industrial economies, and prevailing economic models appeared to be incapable of explaining economic developments (Eisner, 1994, pp. 211-229). It was into this economic morass that John ..."
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Leon Walras, Alfred Marshall and John Maynard Keynes, 1993.
A look at the changing function of the markets in their theories including economic cycles, demand, prices, equilibrium, money, inflation and trade.
2,475 words (approx. 9.9 pages), 3 sources, $ 87.95
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From the Paper
"The Changing Function of Markets From Walras too Marshall to Keynes
This research considers the changing function of markets in the economic theories and concepts of Leon Walras, Alfred Marshall, and John Maynard Keynes. The function of markets in economic theory is interrelated with other economic phenomenon.
Walras and Marshall on Markets
With respect to the function of markets, the essential difference between Walras and Marshall is that Walras (1911, p. 145) considered price to be the adjustment variable, while Marshall (1920, pp. 384-386) considered the adjustment available to be demand. Walras contended, thus, that the quantity of a good demanded and supplied depended in some way on the price of that good. Marshall, by contrast, contended that the price for..."
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John Maynard Keynes, 2001.
Biographical account of John Maynard Keynes.
900 words (approx. 3.6 pages), 10 sources, $ 31.95
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Abstract
This paper talks about the life of John Maynard Keynes. It also discuss some parts of the Keynesian era and his theories of the economy.
From the Paper
" John Maynard Keynes was born in 1883 and died in 1946. He was one of the greatest economists. John changed the way of the post war economic policy and he was the only one that had a whole branch of economic named after him. Keynes was a political activist and he was always devising schemes and programs. Keynes view of the world was ?It is not true that individuals posses a prescriptive ?natural liberty? in their economic activities. There is no compact conferring perpetual rights on those who have or on those who acquire the world in not so governed from above that private and social interest always coincide. It is not a correct deduction from the principle of economics that enlighten self-interest always operates in the public interest. Nor is it true that self interest generally is enlighten, more often individuals acting separately to promote their own ends are to ignorant or weak to attain even these (Minsky 149)."
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John Maynard Keynes, 2002.
A look at the influence of John Maynard Keynes on the American economy.
650 words (approx. 2.6 pages), 4 sources, $ 26.95
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Abstract
This paper will discuss the ramifications of the work of John Maynard Keynes in the economic field of classical economics, which he started. By realizing his life, the work that he did, and the theories that he presents, we can see how this ties into his important influence in today's American economy.
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John Maynard Keynes, 2004.
Provides an overview of the life and contribution of the economist, John Maynard Keynes.
1,811 words (approx. 7.2 pages), 4 sources, MLA, $ 58.95
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Abstract
This paper assesses the contributions of John Maynard Keynes to today?s economic environment. It looks at his upbringing and his education and looks at how he changed his mind many times during his career concerning particulars of all his economic theories. It also discusses some of his concepts that contributed most greatly to economic thought.
Outline
Other Basic Ideas
Current Realities
Basis of Current Realities
Reluctant Capitalist
Working Keynesianism
Summary
From the Paper
"Keynes was not the sort of economist who sat down with graph paper, pens, and formulae and worked out prescriptions for precisely what government should do in the face of any given economic event, although Great Britain?s Prime Ministers did seek his counsel. Rather, Keynes? ideas could be called a sort of economic humanism, which may account for their remaining popular in more modern times. Although Keynes supported an activist government, rather than one that completely let economics takes its course, he also believed that no matter what glitches occurred in the financial field, things would eventually work themselves out."
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Adam Smith and Karl Marx, 2005.
This paper examines the writings of Adam Smith and Karl Marx by reviewing their positions on joint-stock companies and Adam Smith's famous deer-beaver argument.
1,410 words (approx. 5.6 pages), 6 sources, MLA, $ 46.95
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Abstract
This paper explains that Adam Smith thought that the separation of ownership and control raised serious questions about the management of joint-stock companies and led him to analyze the agency problem. The author points out that Adam Smith and Karl Marx agree that an advantage of the joint-stock company is that it allows entrepreneurs to put together large sums of money and capital; furthermore, Marx concludes that the joint-stock form leads to a "tremendous expansion in the scale of production and enterprises, which would be impossible for individual capitals." The paper states that Karl Marx would have called Adam Smith's hunters simple commodity producers with each hunting with his own relatively simple weapon in a forest, which is open to all, and satisfying his needs by exchanging his excess catch against the products of other hunters.
From the Paper
"Competition is another quantitative aspect of economics. One first needs to examine the conditions under which exchange ratios would correspond exactly to labor -time ratios. We begin with Adam Smith's famous deer-beaver example, "If among a nation of hunters, for example, it usually costs twice the labor to kill a beaver which it does to kill a deer, one beaver should naturally exchange for or be worth two deer. It is natural that what is usually the produce of two days' or two hours' labor, should be worth double of what is usually the produce of one days' or one hours' labor.""
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Adam Smith?s Influence, 2002.
Provides an analysis of how economist Adam Smith's insight has influenced the modern free enterprise economy.
1,329 words (approx. 5.3 pages), 8 sources, MLA, $ 44.95
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Abstract
While the aristocracy was controlling the social and economic activity of most European nations in the years leading up to 1776, Adam Smith was imagining the possibilities of a yet to be established free enterprise economic system. The culmination of these thoughts was the 1776 publishing of his famous book, "An Inquiry into the Nature and Causes of the Wealth of Nations". This paper gives examples of how Adam Smith's ideas have influenced modern economics. Areas of his influence are examined from modern taxation policy, to modern price controls.
From the Paper
"Adam Smith?s principle that government intervention is detrimental to society can be clearly observed in the modern world by observing price controls. Dr. Michael Zimmer, professor of Economics at the University of Evansville, points out that you do not need to look far to see the clear and concise examples of countries plagued by this phenomena. Zimmer asserts that countries enforcing strict price controls fail to supply enough goods to satisfy the demand of the public. He points out a clear case of this being demonstrated in the Korean Peninsula. Here we can observe that North Korea is dreadfully poor, while across the border South Korea (a country without strict price controls) is one of the most prosperous countries on the planet. South Korea?s prosperity is clearly due to their promotion of free enterprise and their lack of price controls."
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Marx and Engels vs. Adam Smith, 2005.
This paper compares the writings of the Marx and Engels vs. Adam Smith by which Marxism and capitalism are understood.
1,630 words (approx. 6.5 pages), 4 sources, MLA, $ 53.95
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Abstract
This paper explains that the more politically incendiary words of Marx and Engels regarding communal ownership and Adam Smith's notion of an invisible capitalist hand, which sets all excesses of the market right, are what are remembered best by history. The author points out that Marx and Engels saw all of human society in a continual cycle of polarized class warfare between the haves and the have-nots. The paper relates that Adam Smith's defense of Capitalism, written in praise of industrialization, saw the division of labor as a boon from the consumer's and the capitalist's point of view, if not the workers.
From the Paper
"In contrast, Chapter 7, Volume 1 of "Capital", Marx suggests that it is really the production of the labor in crafting goods that conferred the value upon the material means, turning it the metal by the worker's sweat and toil into a pin. Throughout this capitalist enactment of conferring value upon raw materials, the factory owners did nothing but provide the raw materials, pay the labor and while away the day. The capitalist owners experienced no wear or tear upon his or her body, by simply owning the factory and hiring the workers to work at the factory. The worker worked harder than the property-owning capitalist, but made less money in profit."
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Adam Smith and "The Wealth of Nations", 2006.
An overview and analysis of Adam Smith's economic theories and how these theories influenced the development of capitalism, socialism and communism.
1,640 words (approx. 6.6 pages), 5 sources, APA, $ 53.95
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Abstract
This paper discusses the underlying theory of Adam Smith's book "The Wealth of Nations", explaining that Smith saw labor, not money, as a nation's greatest asset. The paper further explains that this view strongly reflected the economic situation of the time brought about by the Industrial Revolution and then goes on to explain that Smith saw competition as a natural outcome of the specialization bred by the division of labor. Next, the paper explains how Smith's views were later elaborated upon by other economic theorists and how these theorists, as well as Smith, ultimately influenced the political philosophies of capitalism, socialism and even communism.
From the Paper
"1776 was not only the year of the American revolution, more meaningful to us in this country, of course, but also the publication of "Inquiry into Nature and Causes of the Wealth of Nations, by Adam Smith, who had spent most of his years either in France, or working on moral issues as a professor in Scotland. The book has set the standard for what has become the modern science of political economy. Its basic contention is that "national progress is best secured by the freedom of private initiative within the bounds of justice." (Enc. Am., p. 111) Before Smith, the basic economy of the Western world was built around agriculture. This was the beginning of the industrial Revolution, and the old economic ideas were becoming outdated. For example, the economists who preceded Smith believed that the farmer was the only true producer, and the landlord (whether it was the farmer or another landowner) was the manager and superintendent of production. The step that was taken prior to Smith was the recognition that it would be more efficient for a single farmer to hire some help, especially craftsmen who were specialists in the things the farmer was inefficient in. This, then, was really the beginning of "labor" recognized as an important aspect of a nation's wealth."
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A Comparative Study Between the Economic Philosophies of Adam Smith and Karl Marx, 2003.
The following essay compares the economic philosophies of Adam Smith and Karl Marx with reference to their historical works.
2,270 words (approx. 9.1 pages), 0 sources, $ 70.95
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Abstract
This essay compares the philosophies in Adam Smith?s ?The Background to the Wealth of Nations? and Karl Marx?s ?Communist Manifesto? & ?Das Kapital?. The way in which both Smith and Marx agreed upon the importance of capitalism for unleashing productive powers, amongst other similarities, is discussed. In addition the contradictions in their philosophies, such as their reasons for expanding markets, are also highlighted.
From the paper:
?Smith and Marx both agreed that capitalism required expanding markets. Smith believed this was so because jobs could not be divided too much without a large market. The money that went to paying wages came from profits. There always had to be an expanding market, so that there could be more profits or else there would not be more jobs.?
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Adam Smith's "Wealth of Nations", 2005.
A critical assessment of the theory of value and distribution as presented by Adam Smith in Book I of "The Wealth of Nations".
2,360 words (approx. 9.4 pages), 14 sources, APA, $ 72.95
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Abstract
This paper examines how "The Wealth of Nations" is undoubtedly a great work, even though Adam Smith's theory of value and distribution represents one of his lesser contributions to economic thought. It discusses how Smith's riddle of the diamond water paradox clearly describes the reasons for his support of an objective theory where he failed to grasp the concept of marginal utility. It also shows that while some commentators argue that Smith purports a cost-of-production theory for value rather than a labour theory, his emphasis is clearly on labour as he measures the cost-of-production in terms of labour.
From the Paper
"In the 17th century, William Petty abandoned the idea of subjective value and attempted to appoint an objective theory of 'natural value', the actual price of any commodity fluctuating around a natural price. Natural value, according to Petty, was deduced using the factors of production (land and Labour). Adam Smith's publication, The Wealth of Nations, in 1776 signified the beginning of the Classical School, which also directed value debate towards an objective theory. Smith contemplated, but discarded the notion that demand is a function of 'utility'. The utility argument suggests that the more useful something is, the more satisfaction it gives consumers, consequently, they will pay more for it."
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Adam Smith, 2005.
This paper discusses Adam Smith's influence in the areas of the behavior of the market, income distribution and future growth.
965 words (approx. 3.9 pages), 2 sources, MLA, $ 34.95
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Abstract
This paper explains that, in the area of market behavior, Adam Smith believed that the availability and cost of labor, rather than the seasonality of weather, contributes to the overall economic picture in his assertion that "labor, not nature, was the source of value." The author points out that, in the area of wealth distribution, Smith was not nearly as interested in the rise of this middle class of shopkeepers as in his promoting the idea that entire nationals can profit. The paper relates that, in the area of future growth, Smith believed that everybody gradually became better off as the division of labor increased and made the community wealthier.
Table of Contents
The Behavior of the Market
Income Distribution
Future Growth
From the Paper
"It seems obvious, then, that the look into the future was one of constant (and perhaps consistent) pessimism for Ricardo who saw the "wealth" of the nation as being the land, and the land's productivity being stretched thinner and thinner, and the results becoming more expensive. For Smith, he tended to perhaps overlook this struggle of land, landlord and a rising bourgeoisie in favor of the greater good for the greatest number of people in the long run. Ricardo's future sees the capitalist as being squeezed on two fronts: higher wages to be paid to the workers, and second having to pay increased rent for the land, because land has become dearer."
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Adam Smith and Capitalism, 2005.
A look at the concept of capitalism in Adam Smith's work "The Wealth of Nations".
958 words (approx. 3.8 pages), 1 source, MLA, $ 34.95
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Abstract
In his great work, "The Wealth of Nations", Smith created the philosophy of capitalism based on his own careful observations of conditions in his own and other countries. It explains how the "Wealth of Nations" guides the reader toward a philosophy in which a well-managed system of exchange and production can lead to the improvement of the human condition. It concludes that Adam Smith's thesis is clear: capitalism is the antidote to society's ills.
From the Paper
"Smith addresses the application of capitalist principles on both a national, and a personal level; an argument that shows clearly the all-embracing nature of his ideas. The acquisitiveness that is inherent in the capitalist system contributes to increased production, increased employment, and increased standards of living. The interest, that is the "charge" made for the supplying of assets to enable labor and manufacturers, actually decreases the more productive these producers become."
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