Critically examine the contributions of Adam Smith and John Keynes to the study of the political economy and describe their contribution to current management practice.’

Essay topic:
‘Critically
examine the contributions of Adam
Smith
and
John
Keynes to the study of the political economy and describe their contribution to current management practice.’ Introduction
The
names
Adam
Smith and John
Maynard
Keynes are considered to be two of the biggest influences of economics to date. Their contributions to the workings of society are unable to be quantified and although they have lived their lives, their work has seen the western world shape into what it is today. In this essay
I
pick out key parts of their work and critically discuss their influences on the inner workings of the world and society up to the present.
Finally
I will deliberate how these influences are applied to the world today. Adam
Smith
writes
The
Wealth of Nations
Smith’s
magnum opus an
Inquiry
into the Nature and Causes of the
Wealth
of
Nations,
gained immediate success and the first edition sold out after only six months.
Shortly
after, the Wealth of Nations was translated into Italian,
French,
German and many other languages.
The
book contains two major features; firstly, it provides a detailed examination of the mechanisms of the economy.
Secondly,
it details policy recommendations in favour of laissez-­‐faire trade, that is, trade that is free of government restrictions. Shortly after the release of the Wealth of Nations, what are described today as western economies stopped economic stagnation dead in its tracks and the rate of growth of these nations increased at a dramatic rate. (See appendix 1.1)
This
movement was then dubbed ‘the beginning of the industrial revolution.’ (Skousen,
2007)
Through
Smith’s
study of the political economy he created the field of study that is known today

References: (1893/1997) The (1989) The (2006) Introduction (1848/1967) The