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Summary A-Level Economics: Famous Economists Summarized
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- PEARSON (PEARSON)
Summary of everything you need to know about famous economists for A-Level Economics. They include Adam Smith, Karl Marx and Friedrich Hayek.
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Famous Economists
Adam
Smith
- Wrote the book "Wealth of ,
Nations" in 1776. It is about
the "invisible had of resource
allocation and the role of
self interest.
- > Adam Smith warned that we
should be
that become way ofbusiness poly
s
because of their
He
tendency to
that the
raise
prices. recognized
overnment should their activities but believed it
g keep an
eye
on
to influence
grasdangerous
for large businesses politics
r a
legislation
precognizedthat ivafreeofmaket ,somepeoplelolofand
>
-
Je rich
people than labourers .
Important
would be to
role
maintain
government this
in
type
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>
- ay poor woul
defence
dwattotakeoverthepropertyothe csending
infrastructure
national ,
regulating the
banking sector ,
building a
public goods
-= Adam Smith is now
regarded as the founder of free maket economics
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