Historical Economics

Adam Smith

Father of Capitalism, known for promoting free markets and competition.

The Invisible Hand

A concept discovered by Adam Smith that describes how markets regulate themselves through competition and self-interest.

Laissez Faire

An economic philosophy by Adam Smith advocating for minimal government interference in the market.

Division of Labor

Theory by Adam Smith that allocated tasks to increase productivity and efficiency through specialization.

Karl Marx

Father of Communism, who criticized capitalism and co-wrote The Communist Manifesto.

The Communist Manifesto

A political manifesto co-written by Karl Marx that outlines the theories of communism.

Critique of Capitalism

Marx's argument that capitalism is exploitative and unfair.

Classless Society

Marx's vision of a stateless society where wealth is shared equally among all.

Value Creation

Marx’s idea that workers create value while capitalists profit from their labor.

Capitalism Collapse Prediction

Marx's prediction that capitalism would fail due to internal conflicts and instability.

John Maynard Keynes

Father of Modern Macroeconomics, known for reshaping economic thought during the Great Depression.

Government Intervention

Keynes' belief that government spending and taxes can help mitigate recessions.

Keynesian Economics

Economic theory emphasizing government policies to stabilize the economy through intervention.

Milton Friedman

Leader of Monetarism, advocating for free markets and personal responsibility.

Monetarism

An economic theory that focuses on controlling the money supply to manage the economy.

Government Spending Critique

Friedman's argument against Keynesian economics, stating it leads to inflation.

Welfare Criticism

Friedman's opposition to government welfare, advocating for individual freedom and responsibility.