The Economic Theories of Smith and Marx Explanation

The Economic Theories of Smith and Marx Explanation
In this video, we explore the economic theories of Adam Smith and Karl Marx, two of the most influential economists in history. Smith's classical economics emphasizes the importance of free markets, competition, and the invisible hand, while Marx's Marxism critiques capitalism as inherently producing exploitation and inequality, advocating for collective ownership of the means of production. We dive into the Industrial Revolution, The Wealth of Nations, surplus value, and social justice, among other topics, as we examine these two contrasting economic visions. Join us as we explore the lasting impact of Smith and Marx on economic thought and policy, and their relevance to modern economic challenges.
#adamsmith #karlmarx

[emilyrose]

What you are describing in the video (the part about Adam Smith) is not capitalism, but liberalism. Capitalism is an economic system based on profit (Adam Smith is considered the father of capitalism, but I’m adding this for the sake of definitions)

[LucasMarquesTV]

Nice video and only 12 views, really weird!

[psikeyhackr]

That is the approved distorted perspective of Adam Smith. How many steam engines were in England when Smith died in 1790? How many railroads?

Railroads were developed between Smith's death and Marx's birth in 1818. Marx got to see technology that Smith never imagined.

Economists are technological illiterates. Did John Maynard Keynes ever see a television commercial for automobiles? What has been the annual depreciation of automobiles in the United States since Sputnik? Where is that economic data?

Marx mentioned "depreciation" 35 times in the first two volumes of his major work.