Adam Smith, Karl Marx, and John Maynard Keynes were all great economists of their time, and even today. They have influenced countries throughout the world. Each one has impacted the lives of many and triggered many different historical events. Although their ideas may be conflicting and at opposite ends of the economic scale, each economist shares a piece of what supports every nation to this day. Adam Smith is seen as the father of economics and was born in the year 1723 in the town of Kirkcaldy. At the age of seventeen he was sent to Oxford on a scholarship. [Smith, Clayton] In the 1760s Smith traveled to France where he started to write his masterpiece, An Inquiry into the Nature and Causes of the Wealth of Nations, a work that was published in 1776 [Economist, Chew]. This book introduced the principle of free enterprise to society. Smith moved back to Scotland in 1778, and on July 17th, 1790, Adam Smith died at Edinburgh; he was buried in the Canongate. One of Adam Smith’s contributions to economics is the theory of laissez faire, a French phrase meaning “allow to do.” [Smith, Clayton] It is a policy stating that the government should not interfere with decisions made in an open, competitive market. According to laissez faire, workers are most productive and the economy has greatest efficiency when they can practice their own economic interests with freedom [Lassiez, Hunter].
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