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Economists and politicians have discussed the causes of this decline, ways to get over it and possible ways of preventing it from happening again. Marxist economists argued that this kind of crises happened because of capitalism. They also thought that it could be prevented by the establishment of socialism. On the other hand, economists like JM Keynes argued that the state is responsible to keep the economy going. If it fails to do so, it can lead to situations of depression. Keynes argued that during economic decline, when demand decreases, the state should invest funds and generate employment which will help people to earn money and demand goods in the market. This generation of demand through state action will help the economy to revive.
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The three economists profiled in this article — Adam Smith, Karl Marx, and John Maynard Keynes — contributed substantially to the development of economics as a science. Nevertheless, considerations of production, distribution, choice, scarcity, and alternate uses far predate these men, to the earliest days of humankind. Ages before there was economic thought, there was economic behavior.
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The three economists profiled in this article — Adam Smith, Karl Marx, and John Maynard Keynes — contributed substantially to the development of economics as a science. Nevertheless, considerations of production, distribution, choice, scarcity, and alternate uses far predate these men, to the earliest days of humankind. Ages before there was economic thought, there was economic behavior.