Discuss the Contribution to Economics of Adam Smith, Alfred Marshall, John Maynard Keynes and Milton Friedman

Discuss the Contribution to political economy of Adam metalworker, Alfred Marshall, John Maynard Keynes and Milton Friedman
Economics is the study of how the forces of supply and demand allocate scarce resources (www.investorwords.com, 2007).It is subdivided into microeconomics, which examines the behaviour of firms, consumers and the agency of government; and macroeconomics, which looks at inflation, unemployment, industrial production, and the role of government. in that respect switch been many contributors to economic theory throughout the centuries from the untainted economic theorists such as Adam smith to the advance(a) day leading theorists, for example Milton Friedman. Throughout economic history, strategies have been adapted and utilise to current circumstances from the classical theories of smith up to the 1920s to the more Keynesian approach up to the 1960s. The role of governments cannot be overlooked and, in particular, how they adopted and applied the theories of such economists. While it is beyond the scope of this essay to abstraction the contribution of all economists, for the purpose of this essay, I will specify the contribution of Adam Smith, Alfred Marshall, John Maynard Keynes and Milton Friedman.



As well as looking at their individual theories, I will excessively consider how they have been applied to economies at different stages and what role they play in economic thought today.
Adam Smith (1723-1790) is often regarded as the founder of modern economics, and while he is not credited with inventing some of his ideas he is lauded for compiling and publishing in a manner in which they could be presented and accessible to the average reader. His two main create works are The Theory of Moral Sentiments in 1759 and An question Into the Nature and Causes of the Wealth of Nations in 1776. The latter publication, also cognize as The Wealth of Nations, contains most of the modern day contributions of Smith to economic theory. I will now discuss his contributions which include his...If you want to get a full essay, order it on our website: Ordercustompaper.com



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