economists

Adam Smith (1723–1790)

American Revolution (1776); Industrial Revolution begins transforming production.

• Self-interest and competition act as an "invisible hand" regulating the market. • Division of labour increases productivity. • Accumulation of capital and population growth drive progress.

Positive: Increased support for laissez-faire capitalism. Negative: Declining support for mercantilism. Prosperity benefits industrialists more than workers.

Thomas Robert Malthus (1766–1834)

Industrial Revolution: rapid population growth, urban migration, overcrowding, and lower living standards.

• Population grows geometrically, while food production grows arithmetically, leading to mass poverty. • Labour wages remain low due to competition for jobs.

Positive: Population studies and statistical analysis gain importance. Negative: Justifies natural "checks" on population (poverty, famine, disease).

David Ricardo (1772–1823)

Industrial Revolution: rapid population growth, food shortages, Napoleonic Wars, and rising power of industrialists.

• Iron Law of Wages: Wages stay near subsistence level as population increases. • Comparative Advantage: Specialization and trade improve efficiency and productivity.

Positive: Encourages free trade between nations for mutual benefit. Negative: Industrialists use wage suppression to maintain profits and power.

Karl Marx (1818–1883)

Latter part of the Industrial Revolution: workers exploited by industrialists, mass poverty, while the rich prosper.

• Laws of economics determine human history. • Class conflict leads to exploitation and rebellion (e.g., Russian Revolution 1917). • Surplus value of labour is stolen as capitalist profit.

Positive: Exposed capitalism’s flaws. Advocated for workers' rights. Negative: Led to violent uprisings and rigid communist regimes.

John Maynard Keynes (1883–1946)

First World War, Great Depression, and Second World War.

• Government should intervene to stimulate employment, spending, and economic growth during recessions. • Use of deferred savings (war bonds) to finance war efforts.

Positive: Investment encouraged through government spending and low interest rates. Economic rebuilding fostered global stability. Negative: Government spending led to inflation and increased public debt.

John Kenneth Galbraith (1908–2006)

Great Depression, Second World War, post-war boom, and rise of large corporations.

• Large corporations are controlled by executives rather than shareholders or consumers. • Government must regulate corporate power to protect public interests.

Positive: Government shifted spending priorities to improve social welfare. Negative: Regulation reduced corporate profits and economic efficiency.

Milton Friedman (1912–2006)

Great Depression, Second World War, post-war economic boom, increased government spending, and inflation concerns.

• Excessive government intervention weakens the economy and increases dependency on social assistance. • Free markets are better at solving economic problems. • Government should regulate economic growth through money supply and interest rates (monetarism).

Positive: Monetarist policies influenced economic stability and free-enterprise principles. Negative: Reduced social programs, minimum wages, and public assistance.