02 Adam Smith, Karl Marx, Keynes, and Friedman

Lecture 2 Adam Smith, Karl Marx, Keynes, and Friedman E very economic system is based on the ideas of one or more big thinkers. While there are many important economic thinkers, four menAdam Smith, Karl Marx, John Maynard Keynes, and Milton Friedmanrepresent virtually all of the major ideas in practice about how an economy should be organized and how it should work. This includes ideas about private property versus state ownership, government regulation versus free market decisions, and high taxes versus low taxes on consumption spending.