Economic Theorists Flashcards
1
Q
Adam smith
A
Free market Invisible hand Self interests- only look out for themself for profit Risk and reward Best with no government intervention
2
Q
Frederick hayek
A
Only buyers and sellers know market
Gov makes it worse unintentionally
Better off leaving it alone
3
Q
Karl Marx
A
Motivated by profit if communist
Pay poor wages bad working condition etc
Poor working conditions
Better to share the wealth capitalism
