Three Key Economists and Their Theories
The three most important economists were Adam Smith, Karl Marx, and John Maynard Keynes (pronounced canes). Each was a highly original thinker who developed economic theories that were put into practice and affected the world’s economies for generations.
Adam Smith and His Invisible Hand of Capitalism
Adam Smith, a Scot and a philosopher who lived from 1723 to 1790, is considered the founder of modern economics. In Smith’s time, philosophy was an all-encompassing study of human society. In examining the world of business, Smith concluded that the individuals in society, each acting in his or her own self-interest, collectively manage to produce and purchase the goods and services that they as a society ...