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

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

As sanitary as looking at their individual theories, I depart excessively consider how they have been applied to economies at antithetical stages and what role they play in economic thought today. Adam Smith (1723-1790) is often regarded as the founder of modern economics, and part he is not credited with inventing s ome of his ideas he is lauded for compiling ! and publishing in a means in which they could be presented and accessible to the average reader. His two main(prenominal) 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, besides cognize as The Wealth of Nations, contains most of the modern day contributions of Smith to economic theory. I will now discourse his contributions which include his...If you want to get a full essay, cast it on our website: OrderCustomPaper.com

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