Question

5.Important Economic thinkers (e.g. Marx, Smith, Ricardo, etc) – what do they think?

Answer 1

The economics science deal with how scarce resource allocated and optimally utilized in the economy the economy is dynamic it changes over a period their economist who formulated the theories and it still relevant in the modern economy

Adam Smith considered as a father of economic who contributed the economics as the sperate branch of knowledge. His theory of division of labors, Absolute advantage theory still has relevance in the modern economy.

David Ricardo shows rent for land service determined, and benefits of international trade under comparative cost

Karl Marks founder of socialism and showed the defect of capitalist system and exploitation of the labors

JM Keynes who showed the failure of the free market economy and Government role in economic activities.

The above economist contribution to the economy shows that the working of the economy over changes but the objectives remains same; allocating resources and better utilization.