Of the economists we’ve studied, rank the three that you believe are the most important to the history of economic thought. For each individual, explain why you put him/her on your list.

In the history of economics, I believe the three most important economists are Adam Smith, Karl Marx, and John Maynard Keynes. After learning about so many different influences of economics, it is difficult to choose only three however the three that I chose seem to have the biggest impact. They all had different theories and ideas of economic thinking. Some ideas were developed off of the predecessors principles, while other beliefs were opposing the ideas completely. Overall, it is important to study and learn from their methods to help understand how an economy works and how to attain their goals.

The first economists I found the most important to the history of economics was Adam Smith. Adam Smith was not only a founder of the classical school but he had many influential ideas of moral values and political economy. The two books he wrote that were very important to economic thinking were The Theory of Moral Sentiments and Wealth of Nations. They complimented it each and demonstrate his way of thinking. Smith believed in a free market and that this idea is best for society. He developed the idea of the “invisible hand”, meaning if people went after their own self-interests that it would also benefit society. The division of labor was another idea that Smith was noted on discovering. Smith also disliked government connection in the economy. From these major ideas, he is commonly known as the father of capitalism.

Karl Marx was not only an economist but was a philosopher, social scientist, and revolutionary thinker for his time. He is definitely noted for being an advocate socialist thinker and was extremely against the thoughts of capitalism. He was known for his works in the book, Das Kapital, which explained his theories on exploiting labor by underpaying the workers that contributed to the value of the product. Also, his economic analysis of the theory of value encouraged others to understand the value of exchange. He also was known for enlightening others about the growth of large corporations and the amount of power they were accumulating. He was a fascinating individual who made many intriguing ideas about capitalism.

The last economist, John Maynard Keynes, still has a major influence in today’s study of economics. He is known for his work, General Theory of Employment, Interest, and Money, which analyzed what made people spend or save their money, the effect that it had on the economy, and the role of the government. One of the most shocking and unorthodox theories he had was the idea that governments need to spend more in order for private sectors to start create a demand again. Keynes offered a new way of thinking, especially on the idea of government’s ability to stable the economy.

In conclusion, these three men helped contribute to understanding economic thoughts. They offered valuable theories, predictions, and insight to what the economy is capable of. It is difficult to measure this social science because people are not predictable and the economy is always changing. However, these ideas are important start, were future economists can develop and explore new thoughts and concepts. The concepts these men worked so hard on help us understand the way our economy works.

Reference:

Brue, Stanley L., and Randy R. Grant. The Evolution of Economic Thought. Mason, OH: South-Western, 2013. Print.