Question

FAN AND MEDAL
7. For each of the people below, explain the type of economic system they developed, who in the system answers the three basic questions, why he supported it.
- Karl Marx
- Adam Smith
- John Maynard Keynes

Answer 1

@damonte212

Answer 2

- Karl Marx , was a German philosopher, economist, sociologist, journalist, and revolutionary socialist. Marx's work in economics laid the basis for much of the current understanding of labour and its relation to capital, and subsequent economic thought.[5][6][7][8] He published numerous books during his lifetime, the most notable being The Communist Manifesto (1848) and Das Kapital (1867–1894).

Born into a wealthy middle-class family in Trier in the Prussian Rhineland, Marx studied at the Universities of Bonn and Berlin where he became interested in the philosophical ideas of the Young Hegelians. After his studies he wrote for Rheinische Zeitung, a radical newspaper in Cologne, and began to work out the theory of the materialist conception of history. He moved to Paris in 1843, where he began writing for other radical newspapers and met Friedrich Engels, who would become his lifelong friend and collaborator. In 1849 he was exiled and moved to London together with his wife and children, where he continued writing and formulating his theories about social and economic activity. He also campaigned for socialism and became a significant figure in the International Workingmen's Association.

Marx's theories about society, economics and politics—the collective understanding of which is known as Marxism—hold that human societies progress through class struggle: a conflict between an ownership class that controls production and a dispossessed labouring class that provides the labour for production. States, Marx believed, were run on behalf of the ruling class and in their interest while representing it as the common interest of all;[9] and he predicted that, like previous socioeconomic systems, capitalism produced internal tensions which would lead to its self-destruction and replacement by a new system: socialism. He argued that class antagonisms under capitalism between the bourgeoisie and proletariat would eventuate in the working class' conquest of political power and eventually establish a classless society, communism, a society governed by a free association of producers.[10][11] Marx actively fought for its implementation, arguing that the working class should carry out organised revolutionary action to topple capitalism and bring about socio-economic change.[12]

Both lauded and criticized, Marx has been described as one of the most influential figures in human history.[13] Many intellectuals, labour unions and political parties worldwide have been influenced by Marx's ideas, with many variations on his groundwork. Marx is typically cited, with Émile Durkheim and Max Weber, as one of the three principal architects of modern social science.[14]

- Adam Smith , was a Scottish moral philosopher, pioneer of political economy, and key Scottish Enlightenment figure.[1]

Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the "father of modern economics" and is still among the most influential thinkers in the field of economics today.[2]

Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot, John Snell. After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day.

Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he expounded upon how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his own day and his general approach and writing style were often satirised by Tory writers in the moralising tradition of William Hogarth and Jonathan Swift. In 2005, The Wealth of Nations was named among the 100 Best Scottish Books of all time.[3] It is said former UK Prime Minister Margaret Thatcher carried a copy of the book in her handbag.[4]

- John Maynard Keynes , was a British economist whose ideas have fundamentally affected the theory and practice of modern macroeconomics and informed the economic policies of governments. He built on and greatly refined earlier work on the causes of business cycles, and he is widely considered to be one of the founders of modern macroeconomics and the most influential economist of the 20th century.[2][3][4][5] His ideas are the basis for the school of thought known as Keynesian economics and its various offshoots.

In the 1930s, Keynes spearheaded a revolution in economic thinking, overturning the older ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. Keynes instead argued that aggregate demand determined the overall level of economic activity and that inadequate aggregate demand could lead to prolonged periods of high unemployment. According to Keynesian economics, state intervention was necessary to moderate "boom and bust" cycles of economic activity.[6] He advocated the use of fiscal and monetary measures to mitigate the adverse effects of economic recessions and depressions. Following the outbreak of World War II, Keynes's ideas concerning economic policy were adopted by leading Western economies. In 1942, Keynes was awarded a hereditary peerage as Baron Keynes of Tilton in the County of Sussex.[7] Keynes died in 1946; but, during the 1950s and 1960s, the success of Keynesian economics resulted in almost all capitalist governments adopting its policy recommendations.

Keynes's influence waned in the 1970s, partly as a result of problems that began to afflict the Anglo-American economies from the start of the decade and partly because of critiques from Milton Friedman and other economists who were pessimistic about the ability of governments to regulate the business cycle with fiscal policy.[8] However, the advent of the global financial crisis of 2007–08 caused a resurgence in Keynesian thought. Keynesian economics provided the theoretical underpinning for economic policies undertaken in response to the crisis by President Barack Obama of the United States, Prime Minister Gordon Brown of the United Kingdom, and other heads of governments.[9]

In 1999, Time magazine included Keynes in their list of the 100 most important and influential people of the 20th century, commenting that: "His radical idea that governments should spend money they don't have may have saved capitalism."[10] He has been described by The Economist as "Britain's most famous 20th-century economist."[11] In addition to being an economist, Keynes was also a civil servant, a director of the Bank of England, a part of the Bloomsbury Group of intellectuals,[12] a patron of the arts and an art collector, a director of the British Eugenics Society, an advisor to several charitable trusts, a successful private investor, a writer, a philosopher, and a farmer.

Answer 3

thanks so much