Compare Adam Smith's views to Keynes and Friedman?
These sites should help you.
http://www.mskousen.com/Books/Articles/0106adam.html
http://www.adamsmith.org/index.php/main/heroes_more/essay_on_milton_friedman_1912/
To compare the views of Adam Smith, John Maynard Keynes, and Milton Friedman, it's important to understand their respective economic philosophies and ideas. Here's a breakdown of their views and how they differ:
1. Adam Smith:
Adam Smith was an 18th-century economist and philosopher, often considered the father of modern economics. He is best known for his book "The Wealth of Nations," where he introduced the concept of free-market capitalism. Smith believed that individuals pursuing their self-interests in a free market would lead to economic prosperity and overall societal well-being. He emphasized the importance of the invisible hand, which refers to the market forces of supply and demand guiding economic activity without government interference. Smith endorsed minimal government intervention and believed in the power of competition.
2. John Maynard Keynes:
Keynes was an influential British economist of the 20th century. He is known for his ideas on macroeconomics and the role of government in managing the economy. Keynes argued that during periods of economic downturns, government intervention through fiscal policy, such as increased public spending or tax cuts, could stimulate demand and boost employment. He believed that public policies and governments must actively manage aggregate demand to prevent and reduce recessions. Keynesian economics emphasizes the importance of government intervention to stabilize the economy and reduce unemployment.
3. Milton Friedman:
Friedman was a prominent American economist and Nobel laureate. He is associated with the school of thought known as monetarism, which emphasizes that the supply of money in an economy is the key determinant of economic performance. Friedman was critical of Keynesian policies and argued for limited government intervention. He advocated for a monetary policy that targeted a stable and predictable growth rate of the money supply, which would lead to price stability and long-term economic growth. Friedman believed in free markets, individual liberties, and the importance of minimizing government interference.
In summary, Adam Smith's views centered on free-market capitalism and minimal government intervention, while Keynes advocated for active government management during economic downturns. Friedman, on the other hand, proposed a focus on monetary stability and limited government involvement. The three economists differ in their perspectives on the role of government and the level of intervention needed to achieve economic stability and growth.