Discuss the Contribution to Economics of Adam Smith, Alfred Marshall, John Maynard Keynes and Milton Friedman

Discuss the Contribution to political economy of whirl metalworker, Alfred Marshall, hindquarters Maynard Keynes and Milton Friedman Economics is the study of how the forces of supply and demand allocate curious resources (www.investorwords.com, 2007).It is subdivided into micro scotchs, which examines the behaviour of firms, consumers and the agency of government; and macroeconomics, which looks at inflation, unemployment, industrial production, and the utilisation of government. in that respect switch been many contributors to economic possibility throughout the centuries from the untainted economic theorists such as raptus smith to the advance(a) sidereal day leading theorists, for example Milton Friedman. Throughout economic history, strategies have been adapted and utilise to current circumstances from the neoclassic theories of smith up to the 1920s to the more Keynesian plan of attack up to the 1960s. The role of governments cannot be overlooked and, in parti cular, how they choose and applied the theories of such economists. While it is beyond the scope of this establish to abstraction the contribution of all economists, for the purpose of this essay, I forget specify the contribution of Adam Smith, Alfred Marshall, John Maynard Keynes and Milton Friedman.

As easy as looking at their individual theories, I willing excessively consider how they have been applied to economies at various stages and what role they play in economic thought today. Adam Smith (1723-1790) is often regarded as the founder of modern economics, and season he is not credited with invent ing some of his ideas he is lauded for compi! ling and publishing in a appearance in which they could be presented and accessible to the average reader. His two master(prenominal) create works are The Theory of Moral Sentiments in 1759 and An question Into the Nature and Causes of the Wealth of Nations in 1776. The latter publication, excessively cognize as The Wealth of Nations, contains most of the modern day contributions of Smith to economic theory. I will now hold forth his contributions which include his...If you want to get a full essay, dictate it on our website: OrderCustomPaper.com

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