The Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes

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M.E. Sharpe, 2007 - 243 стор.
History comes alive in this fascinating story of opposing views that continue to play a fundamental role in today's politics and economics. "The Big Three in Economics" traces the turbulent lives and battle of ideas of the three most influential economists in world history: Adam Smith, representing laissez faire; Karl Marx, reflecting the radical socialist model; and John Maynard Keynes, symbolizing big government and the welfare state. Each view has had a significant influence on shaping the modern world, and the book traces the development of each philosophy through the eyes of its creator. In the twenty-first century, Adam Smith's "invisible hand" model has gained the upper hand, and capitalism appears to have won the battle of ideas over socialism and interventionism. But author Mark Skousen shows that, even in the era of globalization and privatization, Keynesian and Marxian ideas continue to play a significant role in economic policy.

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It appears to be that Skousen did not take his time to carefully examine Adam Smith's An Inquiry into the Nature and Causes of the Wealth of Nations, because a lot of his assertions about Adam Smith's ... Читати огляд повністю

Зміст

Adam Smith Declares an Economic Revolution in 1776
3
From Smith to Marx The Rise and Fall of Classical Economics
46
Karl Marx Leads a Revolt Against Capitalism
64
From Marx to Keynes Scientific Economics Comes of Age
105
John Maynard Keynes Capitalism Faces Its Greatest Challenge
133
A Turning Point in TwentiethCentury Economics
163
Conclusion Has Adam Smith Triumphed Over Marx and Keynes?
191
Bibliography
217
Index
229
About the Author
241
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Сторінка 22 - By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention, v Nor is it always the worse for the society that it was no part of it.
Сторінка 88 - Nevertheless, in the most advanced countries, the following will be pretty generally applicable : . 1. Abolition of property in land and application of all rents of land to public purposes. 2. A heavy progressive or graduated income tax. 3. Abolition of all right of inheritance. 4. Confiscation of the property of all emigrants and rebels. 5. Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.
Сторінка 22 - He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security ; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain; and he is in this, as in many other cases, led by an invisible hand...
Сторінка 18 - Every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way, and to bring both his industry and capital into competition with those of any other man, or order of men.
Сторінка 28 - It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.
Сторінка 76 - All fixed, fast-frozen relations, with their train of ancient and venerable prejudices and opinions, are swept away; all newformed ones become antiquated before they can ossify. All that is solid melts into air, all that is holy is profaned, and man is at last compelled to face with sober senses his real conditions of life and his relations with his kind.
Сторінка 76 - The bourgeoisie, wherever it has got the upper hand, has put an end to all feudal, patriarchal, idyllic relations. It has pitilessly torn asunder the motley feudal ties that bound man to his 'natural superiors', and has left remaining no other nexus between man and man than naked self-interest, than callous 'cash payment'.
Сторінка 76 - The bourgeoisie has stripped of its halo every occupation hitherto honored and looked up to with reverent awe. It has converted the physician, the lawyer, the priest, the poet, the man of science, into its paid wage laborers.
Сторінка 31 - People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.
Сторінка 23 - Come, seeling night, Scarf up the tender eye of pitiful day, And with thy bloody and invisible hand, Cancel and tear to pieces that great bond Which keeps me pale.

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