Economics?

Adam Smith (a Scot, 1723-1790)

is credited to have invented economics

as a subject for academic study.

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Okay then, how do these key people figure

into economic theory?

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Karl Marx  (1818-1883)

John Maynard Keynes  (1883-1946)

Milton Friedman  (1912-2006)

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[For more use the DOOR]

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[MORE]

 

   This is an oversimplification which some of our other editors I hope will speak to. We present it here as a beginning framework for thinking about economics which too few of us do.

   Karl Marx

      “Karl Marx, born in the Kingdom of Prussia, was a reforming philosopher and political economist who did not agree that competition led to economic progress. His books The Communist Manifesto (1848) and Das Capital (1867) provided the bedrock of economic and political theory for the subsequent rise of communism.”¹

   John Maynard Keynes

   “The General Theory of Employment, Interest, and Money (1936) by Keynes, an Englishman, was published during the Great Depression and advocated increased spending by governments to alleviate the damaging effects of ‘boom and bust’ economics. The book ushered in a new era of political and economic thought.”¹

   Milton Friedman

   “The Quantity Theory of Money by American Milton Friedman (1956), along with the economic problems of the 1970s, went a long way toward bringing the Keynesian era to a close–most dramatically in the freeing up of the British and American economies under Margaret Thatcher and Ronald Reagan of the 1980s.”¹

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   ¹ Taken from Know It All: The Little Book of Essential Knowledge by Susan Aldridge, Elizabeth King Humphrey, and Julie Whitaker (Sweet Water Press), 2008. The authors identify these three men as leaders in establishing, and changing, economic theory.