Adam smith vs karl marx amongst the most influential and prominent economists of the last few centuries, adam smith and karl marx, are noted for their distinct theoretical contributions. Throughout this paper, i will compare between adam smith and his students, david ricardo, karl marx, and thomas malthus this comparison will specifically look at aspects of the theory of labor value and optimism of adam smith in the eyes of these economists.
A theory of capitalism describes the essential features of capitalism and how it functions the history of various such theories is the subject of this article the history of various such theories is the subject of this article. Adam smith v karl marx essays - adam smith v karl marx being reared in the typical capitalist community in the united states, it is much easier for me to relate to the thoughts of adam smith. Karl marx adam smith vs karl marx amongst the most influential and prominent economists of the last few centuries, adam smith and karl marx, are noted for their distinct theoretical contributions in his watershed inquiry into the nature and causes of the wealth of nations, adam smith proposed that the free market.
The comparison between karl marx and adam smith is interesting because each man has been placed in the classical school of economic thought, but the former is a champion of communism and the latter a champion of capitalism. Comparing adam smith and karl marx smith and marx agree upon the importance of capitalism as unleashing productive powers capitalism is born out of the division of labour that is, it is made possible by dividing jobs up into simple tasks as a way of increasing efficiency.
Adam smith and karl marx both wrote about capitalism (which is an economic system in which industry is controlled largely by private companies meant to generate profits) but had very different theories about how the system works. A comparison of the economic theories of adam smith and karl marx 2203 words | 9 pages there is perhaps not a more famous ongoing dialectic argument in the field of political economy than the one between adam smith and karl marx in regards to capitalism.
Marx believed in the labor theory of value the value of a good is strictly determined by the amount of labor that produced the good smith considered that idea and concluded it was only valid early in history when only small amounts of land had been tamed and capital had been constructed. While smith and marx supported completely different approaches to achieve these ends, neither of their proposed systems proved to be completely infallible adam smith was a scottish moral philosopher who became famous for his book, called, “the wealth of nations” it had an influence on economics and of individual freedom. The labor value theory was the main difference point between adam smith and karl marx thomas robert malthus and david ricardo were two close friends, who were students of adam smith, but they produced new ideas to attack smith’s optimism about the free market.