scholarly journals A.Smith and the Classical School, K.Marx and the Marxist Socialism, J.M.Keynes and the Keynesian Revolution and the Subsequent Developments

2014 ◽  
Author(s):  
Ayşen Hiç Gencer ◽  
Özlen Hiç
Keyword(s):  
Karl Marx ◽  
Full Employment ◽  
Adam Smith ◽  
National Level ◽  
The European Union ◽  
John Maynard Keynes ◽  
Economic Liberalism ◽  
Infant Industry ◽  
State Interventions ◽  
Economic Regime

Adam Smith is known as the founder of economics as a social science and also of economic liberalism (or termed as capitalism after Karl Marx) based on principles of non-intervention and non-protection by the governments to perfectly competitive markets. Over time, economic theory and resulting economic regime evolved: Interventions to improve the welfare of workers; infant-industry argument for limited trade protection; and most importantly, following the 1929 Great Depression, John Maynard Keynes and his macroeconomic system giving rise to less-than-full- employment equilibrium, hence the need for macro-economic level state interventions by means of monetary and fiscal policies. Evidently, liberal economic regime was modified but remained in essence; hence, it proved to be flexible and resilient. On the other hand, Marxist socialism, the doctrinaire challenge to capitalism, had virtually collapsed in the 1990's. The move of even the developing countries towards outward orientation and market economy at the national level is in line with Adam Smith's views; so is the establishment of the European Union and the like at the regional level, as well as the more recent move towards globalisation.

Geschichte des modernen ökonomischen Denkens

2012 ◽  
Author(s):  
Toni Pierenkemper
Keyword(s):  
Karl Marx ◽  
Adam Smith ◽  
John Stuart Mill ◽  
Friedrich List ◽  
John Maynard Keynes ◽  
Milton Friedman ◽  
David Ricardo

Realökonomische Probleme haben zu allen Zeiten die Theorien der Ökonomie und ihrer großen Denker beeinflusst. Wichtige Themen der Ökonomie sind das gesamtwirtschaftliche Wachstum, Verteilungsprobleme, individuelle Nutzenmaximierung, Keynesianismus, Monetarismus – und ganz neue Ansätze wie Evolutorik, Spieltheorie oder Verhaltensökonomie, die ihr Potenzial noch beweisen müssen. Sie verbinden sich in der Moderne mit Namen von Ökonomen wie Adam Smith, Robert Malthus, David Ricardo, John Stuart Mill, Friedrich List, Karl Marx, John Maynard Keynes oder Milton Friedman. Oder die Betrachtung der Ökonomie verdichtet sich in Stichworten wie Marginalanalyse, Historische Schule, Neoklassik, Institutionalismus, Neue-Institutionenökonomik und Monetarismus – neuerdings auch Evolutorik, Verhaltensökonomik oder Spieltheorie. Für alle, die zur Ökonomie gründlich aufbereitetes und grundlegendes Überblickswissen mit Prüfungsrelevanz suchen.

Schumpeter im sozialwissenschaftlichen Pantheon

Leviathan ◽  
2019 ◽  
Vol 47 (3) ◽  
pp. 375-397
Author(s):  
Heinz D. Kurz
Keyword(s):  
Karl Marx ◽  
Adam Smith ◽  
John Maynard Keynes ◽  
David Ricardo

Der Aufsatz vergleicht die Wirtschafts- und Gesellschaftstheorie Joseph Alois Schumpeters mit den Theorien anderer großer Sozialwissenschaftler, insbesondere denjenigen von Adam Smith, David Ricardo, Karl Marx, Léon Walras und John Maynard Keynes. Das Hauptaugenmerk gilt Gemeinsamkeiten und Unterschieden. Die in der Sekundärliteratur absolut und relativ wachsende Bedeutung des „Propheten der Innovation“ wird unterstrichen.

scholarly journals Comparative Interpretation of Classical and Keynesian Fiscal Policies (Assumptions, Principles and Primary Opinions)

2015 ◽  
Vol 4 (2) ◽  
pp. 11-20
Author(s):  
Engin Oner
Keyword(s):  
Fiscal Policy ◽  
Social Life ◽  
Full Employment ◽  
Adam Smith ◽  
The State ◽  
Invisible Hand ◽  
Public Expenditures ◽  
Fiscal Policies ◽  
John Maynard Keynes ◽  
State Assumption

Adam Smith being its founder, in the Classical School, which gives prominence to supply and adopts an approach of unbiased finance, the economy is always in a state of full employment equilibrium. In this system of thought, the main philosophy of which is budget balance, that asserts that there is flexibility between prices and wages and regards public debt as an extraordinary instrument, the interference of the state with the economic and social life is frowned upon. In line with the views of the classical thought, the classical fiscal policy is based on three basic assumptions. These are the "Consumer State Assumption", the assumption accepting that "Public Expenditures are Always Ineffectual" and the assumption concerning the "Impartiality of the Taxes and Expenditure Policies Implemented by the State". On the other hand, the Keynesian School founded by John Maynard Keynes, gives prominence to demand, adopts the approach of functional finance, and asserts that cases of underemployment equilibrium and over-employment equilibrium exist in the economy as well as the full employment equilibrium, that problems cannot be solved through the invisible hand, that prices and wages are strict, the interference of the state is essential and at this point fiscal policies have to be utilized effectively.Keynesian fiscal policy depends on three primary assumptions. These are the assumption of "Filter State", the assumption that "public expenditures are sometimes effective and sometimes ineffective or neutral" and the assumption that "the tax, debt and expenditure policies of the state can never be impartial".

A Look at the Landscape

2017 ◽  
Author(s):  
John Kenneth Galbraith
Keyword(s):  
Economic Activity ◽  
Karl Marx ◽  
Adam Smith ◽  
Economic Life ◽  
John Maynard Keynes ◽  
The Status ◽  
History Of ◽  
Theory Of Value ◽  
David Ricardo ◽  
Economy Change

This chapter discusses the history of economics and the events that shaped that history. It first considers the nature and content of economics, taking into account questions related to the theory of value and the theory of distribution, the institutions involved in economic activity, and the larger political and social framework in which economic life proceeds. It views economics as a reflection of the world in which specific economic ideas have developed, such as those associated with Adam Smith, David Ricardo, Karl Marx, and John Maynard Keynes. It argues that economic ideas are not very important when and where there is no economy. Change in economics has been reluctant and reluctantly accepted, especially by those who benefit from the status quo and economists who have a vested interest in what has always been taught and believed.

Book Reviews

2011 ◽  
Vol 49 (3) ◽  
pp. 727-728
Keyword(s):  
New York ◽  
Karl Marx ◽  
Adam Smith ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
Professor Emeritus ◽  
Postwar Period ◽  
New York University ◽  
John Maynard Keynes ◽  
History Of

William J. Baumol of New York University and Princeton University reviews “Economics Evolving: A History of Economic Thought” by Agnar Sandmo. The EconLit Abstract of the reviewed work begins “Revised and expanded English translation of Samfunnsokonomi--en idehistorie (2006). Presents a history of economic thought from the late eighteenth century to the 1970s. Discusses a science and its history; before Adam Smith; Adam Smith; the classical school--Thomas Robert Malthus and David Ricardo; consolidation and innovation--John Stuart Mill; Karl Marx as an economic theorist; the forerunners of marginalism; the marginalist revolution--William Stanley Jevons, Carl Menger, and Leon Walras; Alfred Marshall and partial equilibrium theory; equilibrium and welfare--Francis Ysidro Edgeworth, Vilfredo Pareto, and Arthur C. Pigou; interest and prices--Knut Wicksell and Irving Fisher; new perspectives on markets and competition; the great systems debate; John Maynard Keynes and the Keynesian revolution; Ragnar Frisch, Trygve Haavelmo, and the birth of econometrics; the modernization of economic theory in the postwar period; further developments in the postwar period; and long-term trends and new perspectives. Sandmo is Professor Emeritus of Economics at the Norwegian School of Economics and Business Administration. Index.”

scholarly journals El crecimiento económico, la teoría de la población y la fisiología: La influencia de los procesos a largo plazo en la elaboración de la política económica

1994 ◽  
Vol 12 (3) ◽  
pp. 719-762
Author(s):  
Robert W. Fogel
Keyword(s):  
Karl Marx ◽  
Adam Smith ◽  
John Maynard Keynes ◽  
Milton Friedman

La historia económica ha contribuido significativamente a la formulación de la teoría económica. Entre los economistas que han encontrado en la historia una importante fuente de ideas se encuentran Adam Smith, Thomas R. Malthus, Karl Marx, Alfred Marshall, John Maynard Keynes, John R. Hicks, Kenneth J. Arrow, Milton Friedman, Robert M. Solow y Gary S. Becker.

scholarly journals Introduction

2006 ◽  
Vol 1 (1) ◽  
Author(s):  
Jurgen Brauer ◽  
J. Paul Dunne
Keyword(s):  
Karl Marx ◽  
Adam Smith ◽  
War And Peace ◽  
John Maynard Keynes ◽  
Thorstein Veblen ◽  
Voluntary Exchange ◽  
History Of ◽  
Werner Sombart ◽  
Douglass North ◽  
David Ricardo

The essay introduces the new journal and points out that economists have a long-standing, albeit virtually unknown, history of thinking about questions of conflict, war, and peace. Prominent contributors include Kenneth Arrow, Kenneth Boulding, F.Y. Edgeworth, John Kenneth Galbraith, Jack Hirshleifer, John Maynard Keynes, Lawrence Klein, Wassily Leontief, V.I. Lenin, Friedrich List, Karl Marx, Jean Monnet, Mancur Olson, Vilfredo Pareto, A.C. Pigou, David Ricardo, Lionel Robbins, Joseph A. Schumpeter, Werner Sombart, Thomas Schelling, Adam Smith, Jan Tinbergen, Thorstein Veblen, and Knut Wicksell, a surprisingly diverse assembly. If one draws the net a bit wider and thinks about how societies constitute and regulate themselves, even thinkers such as James Buchanan and Douglass North would be included in this list. Members of society can produce and engage in voluntary exchange and grant-making, or they can produce and appropriate from each other. Clearly, economics as a discipline is intimately linked to issues of conflict, war, and peace.

Financial Crises

2017 ◽  
Author(s):  
Candace Archer
Keyword(s):  
World War Ii ◽  
Financial Crisis ◽  
Business Cycle ◽  
Intellectual History ◽  
Rational Expectations ◽  
Karl Marx ◽  
International Political Economy ◽  
Adam Smith ◽  
Crisis Response ◽  
John Maynard Keynes

Numerous crises have occurred since the beginnings of the modern economic system, from the Dutch Tulip Mania of 1636 and the South Sea Bubble of 1720 to the Dollar Crisis and Asian Financial Crisis. Scholars have written about the causes and remedies of financial crisis, resulting in a substantial amount of literature on the subject especially after the Great Depression. The writing on financial crisis declined between the end of World War II and the monetary crises in the early 1970s, but has become vibrant again since the 1980s. Some of the earliest voices that contributed to the intellectual history of studying financial crisis include Adam Smith, Karl Marx, David Ricardo, Walter Bagehot, and John Maynard Keynes. These men provided the foundation for understanding the central issues and questions about financial crisis and influenced the debates and scholarship that followed. One such debate involved monetarists vs. business cycle theorists. The monetarists argue that crises are caused by changes in the money supply, while those favoring a business cycle approach insist that expansions and contractions are part of economic interactions and so the economy will at times experience crises. As crises continue to affect both domestic and global financial markets, more perspectives are added to the discussion, including those that invoke rational expectations and economic models, along with those that draw from international political economy. There are also questions that remain unanswered, such as the issue of crisis response and that of financial fragility.

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