Compare economists and give detail that American economy tod

Compare economists and give detail that American economy today based on whose philiosophy?

Solution

Economists

1. Karl Max

Karl max looked towards capitalism from a more revolutionary and pessimistic point of view. He saw struggle, instability and decline. He firmly believed that once the capitalist i.e., the person having skills and money to build the factory has set up all the means of production then all the value is created by the labour involved in producing whatever is being produced.

2. Adam smith

On one hand where Karl max saw struggle, instability and decline, on the other hand Adam smith saw harmony and growth. He was of more optimistic in nature. He was considered as a founder of modern economics. According to him, collectively the individuals in society, each acting in his or her own self-interest, manage to produce and purchase the goods and services that they as society require. In other words, it\'s the free market economy in action.

3. John Maynard Keynes (canes)

His view were quite different from Adam smith and Keynes. He underlined the role of government in a capitalist economy. Keynes favours using the govrnment\'s power to spend, tax, and borrow to keep the economy growing and stable. He played a vital role in founding International monetary fund and in other political measures taken at end of second world war.

   There were many other economists, but smith, max and Keynes were widely reconised as most influential.