Three Greatest Economists essay

Karl max was a political scientist and economist who lived for 65 years in Germany and viewed capitalism from a revolutionary and pessimistic angle. Marx observed instability, decline, and struggle in capitalism whereas Adam saw unification and improvement in capitalism (Klaassen 750). Marx perceived that the person with the means and organizational skills to create an organization had structured a way of production, all value is formed by the labor entailed in manufacturing or production of the goods. According to Marx, capital revenues and profits come from exploiting the workers, and it takes notice of underpaying them for the value they are making (Klaassen 762). For this reason, Marx could not tag along with the idea that profit-structured organizations are exploiting workers and underpaying them yet they make so much profit.

His inventions mainly engaged people’s tendency or inclination to save or spend their extra money as their wages increase, and the impacts of augmentation in spending on the economy at large. More to the point, the tremendous importance of his work lies on the perceptions he put forth regarding the role of government in a capitalist community or economy. At some point in the Great Depression key was writing down some of his perceptions about capitalism. It is important to note that during this time, the rate of unemployment in the United States reached around a quarter of the population and people queried whether smith’s invisible hand was still directing things (Mini 218). Conclusively, Keynes perceived that the government must start spending money with the aim to invest money in the private sector and get demand for goods and services back on their feet again (Mini 226).