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Running Head: MARX, SPENCER, SMITH, LOCKE AND KEYNES
Contrasting Opinions: Marx, Spencer, Smith, Locke and Keynes
MARX, SPENCER, SMITH, LOCKE AND KEYNES
Contrast in Views
Smith, as a philosopher and a modern economics initiator, provides views on business
affairs. He argues that self-interest actions of individuals are the essential tools to successful social,
the economic and political organization of any society. In his book of "The Wealth of Nations",
he explains that labor division among individuals enables one person to output more than if one
person works alone to produce a product. He referred this as "invisible hand...