Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes

Skousen M.0-7656-1694-7, 978-0-7656-1694-4

The Big Three in Economics reveals the turbulent lives and the battle of ideas of the three most influential economists in world history: Adam Smith, representing laissez faire, Karl Marx reflecting the radical socialist model, and John Maynard Keynes symbolizing big government and the welfare state.This is a history of modern economics and the battle of opposing points of view, with the primary focus on the “Big Three,” one for each century. In the twenty-first century, Adam Smith’s “invisible hand” model has gained the upper hand, and capitalism has ultimately won the battle of ideas over socialism and interventionism. But even in the era of globalization and privatization, Keynesian and Marxist ideas continue to play a significant role in economic policy in the public and private sectors.