1. What Contribution Did Adam Smith and John M. Keynes Make to the Study of Economics?
... no tariffs or other barriers. The direct translation from the French language is "leave alone to do", which is self-explanatory. He is most often recognized for the expression "the invisible hand," which he used to demonstrate how self-interest guides the most efficient use of resources in a nation's economy, with public welfare coming as a by-product. It simply encourages businesses ... the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. ... "In civilized society he [...
- Word Count: 1471
- Approx Pages: 6
- Grade Level: Undergraduate