Compare And Contrast Karl Marx And Adam Smith

When people think of economics, they initially think about the common ideas or relationships behind supply and demand, GDP or goods and services. However, going back to the history, there is much more philosophy involved that is unthought-of. I believe it is incredible to think how we live personally, socially, politically can be determined by beliefs or theories formulated by many others before our time that influence those amongst us. These theories or ideas may or may not be correct but have thought out logic, have various studies conducted and to ultimately determine the best way of life or common good. Adam Smith and Karl Marx, like many others before and after them, dedicated a majority of their life to understanding and discussing their rationales behind how countries should function in respect to their nation’s economic stability and structure. I think that although both Adam
Prodigality means the wastefulness or indulgence of the unnecessary, and so he aims to have people remain abstinent from being prodigal. In order to advocate for limits on interest rates, Adam Smith urged usury laws when it came to market loans because this would result in profitable investments, which means productive accumulation. In addition, Smith was in favor of free trade when international trade was not subsidized because the preference would remain in domestic trade for the betterment of the economy.
Karl Marx was born in 1818, so that is definitely post Adam Smith’s take on Capitalism and his ideas of economic laws. Karl Marx has an interesting background in which he was dismissed from Germany due his political views not pertaining to that of Germany’s, even though he professionally got a Ph.D. in philosophy. Marx studies many others that provoked many of his ideas such as the French socialists, the work of a German philosophers known as G.W.F. Hegel, Smith, Ricardo, and