Throughout the centuries, there have been many economists, who have contributed to the many economic theories. Among them is Adam Smith, also known as the Father of Capitalism. His theory on beneficial workings of the free marketplace and his 1776 Wealth of Nations is what he is most noted for. Karl Marx, the Father of Communism, is most famous for his theory on the conflict within capitalism. There is also John Maynard Keynes, who is known …
showed first 75 words of 581 total

showed last 75 words of 581 total
…stream. This meant that increased economic spending by government at a time of declining tax revenues would result in large budget deficits. Among the revolutionary ideas presented by Keynes was the concept of a demand-determined equilibrium wherein unemployment is possible, the ineffectiveness of price flexibility to cure unemployment, and the possibility of using government money to help eliminate recessions and control economic booms. Using his book, he constructed the basic relationships and ideas behind "macroeconomics."