Question

Essay question: The essay question will focus on Smith versus Marx. You will be asked to critically explain the difference in their views (which means understanding their apparent motivations and arguments, not just their claims), and then take a side on this issue. Which writer has a better view of economics and the role of businesses, government, and laborers, and why? As usual, thinking of some examples of your own to make your point is always a good idea.

Answer 1

Karl Marx and Adam Smith both are great economists of this century but Karl Marx is a true believer of communism and Adam Smith is a true believer of Captialism.

Karli Marx says due to capitalism the rich will only get richer and poor will get poorer as rich will always exploit poor. So he says communism is the only way too see that a true equality in the economy can be achieved.

Where as Adam Smith says that a Free market structure will be helpful for the economy to achieve a desired outcome.

In my opinion Karl Marx idea is good but while coming to implementation there is a restriction as true communism of what he said can never be achieved in this world. Because everyone will talk about equality but when it's comes to their own they won't like or allow. This where it is impossible to achieve Marx ideas.

Adam Smith Ideas are implemented all over the World countries like America , UK etc and even in many communist countries. Yes as Marx said in capitalism there is an exploitation but the outcome is more desirable. Hence most of the countries are following Adam Smith Ideas.

Even Communist country like China Market also have a capitalist way of structure but a Marx way.