Political Economy

I know this is open ended but what do Karl Marx, Adam Smith, Shumpeter, and Keynes have in common in terms of thinking. I am studying them right now and my prof. says that they are the grandmasters of political economy. I understand their role with capitalism and how after smith, they thought capitalism would fall and turn into socialism or communism. Do you know any modern examples of their theories in the works. thanks

First off, neither Shumpeter or Keynes thought capitalism would "fall". Although, as I recall, both wrote about problems with capitalism.
That said, all of these "grandmasters" have produced ideas that are still accepted and taught and used today. "Tax Cuts to stimulate the economy" is a page right out of Keynes. Advantages from specialization and trade is something Smith taught over 200 years ago. Today's concepts of inovation and entrepreneurs can be traced by to Shumpeter. Modern ideas of social class have roots in the writings of Karl Marx.

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math

    A physics exam consists of 9 multiple-choice questions and 6 open-ended problems in which all work must be shown. If an examinee must answer 5 of the multiple-choice questions and 2 of the open-ended problems, in how many ways can

  2. World History

    Which of the following was one reason the February Revolution in Russia was less successful than the October Revolution? A. It had less support among all social classes in Russia. B. It was planned and led by followers of Karl

  3. math

    Is this the right way to answer this question? A physics exam consists of 9 multiple-choice questions and 6 open-ended problems in which all work must be shown. If an examinee must answer 7 of the multiple-choice questions and 3

  4. History

    Which accurately describes life events of explorer John Smith? john smith was the founder of Quebec city and known as the father of Canada john smith was a Portuguese explorer and the first to see Brazil in 1500 john smith managed

  1. MATH

    What are open-ended frequency distributions? and Why are they necessary?

  2. World Civilizations

    Karl Marx called for a "classless" society. Write at least five characteristics of such a society. please help i don't get this at all

  3. world history

    Who served as chief editor of the Encyclopédie (Encyclopedia), one of the principal works of the Age of Enlightenment? Denis Diderot John Locke Adam Smith Jean-Jacques Rousseau

  4. history SUE HELP MEEEE

    In The Wealth of Nations, Adam Smith mentions that very good grapes could be grown in Scotland. However, growing high quality grapes in Scotland would be about 30 times as expensive as purchasing grapes from foreign countries.

  1. Civics

    Which of the following is an example of double Jeopardy? A. Being sued for causing Jack smiths death after being found not guilty of Jack Smith‘s death. B. **Being tried for murder of Jack Smith after being found not guilty for

  2. Economics

    4. Which of the following statements is false? a. Keynes believed that the level of investment depends on more than the interest rate. b.Saving is the difference between disposable income and consumption. c. Keynes believed that

  3. Government

    Would someone mind checking my answers? Thanks! (Answers at bottom) And if anyone is willing to explain the final two questions to me and maybe help, thatd be much appreciated. 1.) "In the late nineteenth century, political

  4. chemistry

    The atmospheric pressure is 764.7 torr. A gas sample is placed in a flask attached to an open-end mercury manometer. The height of the mercury in the open-ended arm is 136.4 mm Hg, and the height in the arm in contact with the gas

You can view more similar questions or ask a new question.