Critically examine the contributions of Adam Smith and John Keynes to the study of the political economy and describe their contribution to current management practice.’

Topics: Economics, Karl Marx, Economy Pages: 82 (2812 words) Published: March 26, 2014

Essay topic:
‘Critically
examine
the
contributions
of
Adam
Smith
and
John
Keynes
to
the
study
of
the
political
economy
and
describe
their
contribution
to
current
management
practice.’
Introduction
The
names
Adam
Smith
and
John
Maynard
Keynes
are
considered
to
be
two
of
the
biggest
influences
of
economics
to
date.
Their
contributions
to
the
workings
of
society
are
unable
to
be
quantified
and
although
they
have
lived
their
lives,
their
work
has
seen
the
western
world
shape
into
what
it
is
today.
In
this
essay
I
pick
out
key
parts
of
their
work
and
critically
discuss
their
influences
on
the
inner
workings
of
the
world
and
society
up
to
the
present.
Finally
I
will
deliberate
how
these
influences
are
applied
to
the
world
today.
Adam
Smith
writes
The
Wealth
of
Nations
Smith’s
magnum
opus
an
Inquiry
into
the
Nature
and
Causes
of
the
Wealth
of
Nations,
gained
immediate
success
and
the
first
edition
sold
out
after
only
six
months.
Shortly
after,
the
Wealth
of
Nations
was
translated
into
Italian,
French,
German
and
many
other
languages.
The
book
contains
two
major
features;
firstly,
it
provides
a
detailed
examination
of
the
mechanisms
of
the
economy.
Secondly,
it
details
policy
recommendations
in
favour
of
laissez-­‐faire
trade,
that
is,
trade
that
is
free
of
government
restrictions.
Shortly
after
the
release
of
the
Wealth
of
Nations,
what
are
described
today
as
western
economies
stopped
economic
stagnation
dead
in
its
tracks
and
the
rate
of
growth
of
these
nations
increased
at
a
dramatic
rate.
(See
appendix
1.1)
This
movement
was
then
dubbed
‘the
beginning
of
the
industrial
revolution.’
(Skousen,
2007)
Through
Smith’s
study
of
the
political
economy
he
created
the
field
of
study
that
is
known
today
as
economics.
He
claimed
that
the
purpose
of
economics
was
to
“first,
enable
the
people
to
supply
a
plentiful
revenue
for
themselves
and,
second,
to
endow
the
state
with
sufficient
revenue
to
provide
public
services.”
(Pettinger
et
al.
2012)
It
was
to
fulfill
these
purposes
that
he
wrote
a
wealth
of
nations.
The
First
Fundamental
Theorem
Of
Welfare
Economics
In
his
world
wide
accredited
book,
a
wealth
of
nations,
Smith

References: (1893/1997)
The
(1989)
The
(2006)
Introduction
(1848/1967)
The
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