Economic Theorists Flashcards
1
Q
Karl Marx
A
Capitalist control the capital
Motivated by profit
Pay poor wages
Long term capatilists fail as lack of spending
Better idea is sharing wealth
2
Q
Adam smith
A
the wealth of nations
self interest
circular floe of income
risk and reward
trade leaves us all better off
3
Q
Hayek
A
- Government should only be passing essential laws and collecting general taxes
- Letting the market take care of itself
