Last Updated 27 Jul 2020

Great Economists

Category economics
Essay type Research
Words 154 (1 page)
Views 77

ECONOMICS economists- 16th and 17th centuries. Histogram (farmers) recitalists (traders) Father of Economics/ Father of the classical school of economic thought- Adam Smith (In 1776, he wrote 'An enquiry into the nature and causes of the Wealth of Nations') According to Smith, self interest was an invisible hand which would work for the common benefit of the community. The Great Depression of 1929 was a phase in which supply exceeded demand.

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John Maynard Keynes (a British economist) helped overcome the great depression. He created Jobs by asking people to dig up trenches (and fill them up). This resulted in an increase in income - increase in demand- production and supply increase Keynes also suggested 'Pump Priming' which meant investment in infrastructure. This , he said would roved Jobs e long term Barbour intensive lawful SE capital of one's country. Body else would be investing In 1936, Keynes introduced his 'General Theory of employment interest and money'

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