Английский для экономистов и менеджеров. Ульянова О.В - 14 стр.

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Unit 2
Great Economists
The three most important economists were Adam Smith, Karl Marx, and
John Maynard Keynes. Each was a highly original thinker who developed
economic theories that were put into practice and affected the world's econ-
omies for generations.
28 Read one of the texts and answer the questions about “your”
economist.
1 When did he live?
2 What are the key notions of his theory?
ADAM SMITH AND HIS INVISIBLE HAND OF CAPITALISM
Adam Smith, a Scot and a philosopher who lived from 1723 to 1790, is
considered the founder of modern economics. In Smith's time, philosophy
was an all-encompassing study of human society in addition to an inquiry in-
to the nature and meaning of existence. Deep examination of the world of
business affairs led Smith to the conclusion that collectively the individuals
in society, each acting in his or her own self-interest, manage to produce and
purchase the goods and services that they as a society require. He called the
mechanism by which this self-regulation occurs “the invisible hand,” in his
groundbreaking book, The Wealth of Nations, published in 1776.
While Smith couldn't prove the existence of this “hand” (it was, after
all, invisible) he presented many examples of its working in society. Essen-
tially, the butcher, the baker, and the candlestick maker individually go about
their business. Each produces the amount of meat, bread, and candlesticks he
judges to be correct. Each buys the amount of meat, bread, and candlesticks
that his household needs. And all of this happens without their consulting one
another or without all the king's men telling them how much to produce. In
other words, it's the free market economy in action.
In making this discovery, Smith founded what is known as classical
economics. The key doctrine of classical economics is that a laissez-faire atti-
tude by government toward the marketplace will allow the “invisible hand”
to guide everyone in their economic activities, create the greatest good for the
greatest number of people, and generate economic growth. Smith also delved
into the dynamics of the labor market, wealth accumulation, and productivity
growth. His work gave generations of economists plenty to think about and
expand upon.

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