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

EconomicsIntroduction Adam metalworker and Karl Marx are some of the few economists whose school of thoughts impacted the worlds economy through unlike generations. Smith argued that when somebodys of a society work in opportunism, they collectively cave in to acquire services and goods the society requires. This mechanism is famously known as the invisible hand, in Adams book The Wealth of Nations. cable with Adams theory, Karl Marx believes that a capitalist will take returns of his labor forces for his own self-interest, and therefore it is better for individuals to be community oriented(Jingham & Girija, 2014). harmonise to Smith, economic recession is the situation where there is a drop in the economy. Lack of employment is one of the indicators of a recession situation. Therefore, if each individual takes the initiative to generate income for self-interest, they will end up collectively debar an economic recession period. According to Karl Marx, greed and s elf-interest are not good for businesses and they are hazards in the society. Greed in business squeeze out occur when the rich business owners take advantage of their employees for their own self-interest and growth(Skousen, 2012). This amplifies the gap between the poor and the rich. However. Greed and self-interest can too be beneficial to any given business and society. Adam Smiths school of thought contradicts with the moral values and ethics on greed andself-interest(Jingham & Girija, 2014). Greed will make individuals work extra threatening in their distinct fields and, in the long run, these individual self-motivated interests extend up to the aggregate well-being of the business. An example is an accountant, a procurement manager, the marketer, and the administrator, wholly working with self-interest will eventually jointly contribute greatly to the success of the business and the society. According to my current group, it is ethical for each genus Phallus t o work jointly with the rest of the members to achieve the groups prepare objectives. Greed and self-interest are considered unethical for the group because it may conk out to the dissolving of the group. This ethical perspective resemblesKarl Marx theory, since the aim of the group is to join us together for better achievement of our goals.ReferencesJingham, M., & Girija, M. (2014). History of Economic Thought(Adam Smith and Karl Marx Contributions). newborn York Vrinda Publications P Ltd.Skousen, M. (2012). The Big Three in Economics Adam Smith, Karl Marx, and prank Maynard Keynes. Routledge Publishers Chicago.Source document