Economic Philosophies

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Economic Philosophies

How much should we let the government interfere with our economy? Do we trust the government to take on the enormous responsibility of caring for our economy? Our economy is a precious thing and we must take great care of it, for it can make us powerful and prosperous or it could be the demise of our nation. Three economists – Karl Marx, Adam Smith, and John Maynard Keynes – all had opposing views on how much government interference should be present upon the economy.
Karl Marx believes that the government should control the economy. This means that every aspect of the economy is controlled directly by the government. Marx says that if the government plays no part in the economy, then the economy will collapse, and there will be a revolution of the working class. Karl Marx says that a wage-labor war will break down society and cause a downfall of the economic structure. He feels that after the revolution of the working class, each individual of society will hold an intricate part of the economy. Everyone is the same and no one has any special abilities or talents. Marx says that businesses will take fewer workers because when the businesses upgrade their technology by replacing out-dated machines with newer ones, the machines will do more work; therefore, it will allow for fewer people to do the same job.
Adam’s idea of society is that each person can do whatever they want to advance themselves and each person can pursue happiness in whatever fashion they believe to be the best. Technology creates new and better ways to do things which allows society to grow and become more advanced. Smith says that new technology creates new jobs by expanding the limits of manufacturing and science. With new technology people can do things they never could do or even imagine before. Adam Smith says that the government should stay out of the economy all together. The economy is like a boat – it goes up and down. Smith believed that the economy would fix itself; therefore, the government shouldn’t i...

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