1. Topic: What Contribution Did Adam Smith And John M. Keynes Make To The Study Of Economics?
... of which is independently determined. John M. Keynes attempted to show that the level of effective demand so determined may well exceed or fall short of the physical capacity to produce goods and services: that there is no automatic tendency to produce at a level that results in the full employment of all available men and machines. This fundamental implication of ... the theory came as something of a shock to exponents of the traditional economics who had been inclined to take refuge in the assumption ... market economy could not ensure sufficient demand. He therefore rejected the Adam...
- Word Count: 1299
- Approx Pages: 5
- Grade Level: Undergraduate