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Word Count: 589
Throughout the centuries there have been many economists who have contributed to the many economic theories Among them is Adam Smith also known as the Father of Capitalism His theory on beneficial workings of the free marketplace and his 1776 Wealth of Nations is what he is most noted for Karl Marx the Father of Communism is most famous for his theory on the conflict within capitalism There is also John Maynard Keynes who is known as the Father of the Mixed Economy and is known for Keynesian Economics Each of them has had a great impact on economic theories of today Adam Smith who lived in the 18th century is known as the Father of Economics Prior to him economics wasnt a big issue either politics or philosophy was studied No one really explored the issue of economics Smith then wrote The Wealth of Nations and it was the start of an economic revolution The book had Smiths basic economic ideas as well as a large amount of factual data He explained the concepts of self-interest the division of labor the function of markets and the international implications of a laissez faire economy His views were greatly influenced by the three years he spent in France with the French Physiocrats who promoted the laissez-faire policy The policy called for the government to have a hands-off approach to trade and allow prices to seek their natural levels The second economist who contributed a great amount of economic thought was Karl Marx Marx known as the Father of Communism lived during the early 19th century His theories were influenced by the Industrial Revolution a time when child labor and the exploitation of workers were common Marxs book Das Kapital included his theories Among them he believed that all historic changes came about through conflict between two opposing social forces one an existing thesis and the other an opposing antithesis The outcome is a synthesis that becomes
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