economists and their beliefs

Question 1

Adam Smith

Answer 1

invisible hand theory
economies function most effectively when we explore our own interests
government intervention is the greatest threat to growth

Question 2

Friedrich Hayek

Answer 2

we are best left to allocate resources as governments cant process all information required

Question 3

John Maynard Keynes

Answer 3

government intervention can stabilise economy bringing employment and price stability

Question 4

Milton Friedman

Answer 4

there is a natural rate of unemployment and going below this leads to inflation
extolled virtues of a free market with minimal intervention

Question 5

Karl Marx

Answer 5

free market unable to keep going due to class division
fall of capitalism would lead to a revolution