eco paper #1

eco paper #1 - Mike Miranda Economics October 7 2007...

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Mike Miranda Economics October 7, 2007 Although Adam Smith and Karl Marx were both high educated scholars, they had very different views on a wide range of topics. One topic that Adam Smith and Karl Marx heavily disagreed on was the topic of Capitalism, how it functions and, how it would end up over time. Adam Smith believed in capitalism. He felt that capitalism was a good system and would function correctly. Some proofs of his optimistic views on market system are his belief in Division of Labor and accumulation of wealth. Adam Smith believed that the market system would continue to grow larger and larger and that population was the only limiting factor. Smith heavily believed in the laws of supply and demand and that this would control prices and the system itself. He believed that prices would reflect costs and that competition ensures prices remain low as possible. Adam Smith also believed in self interest and that self interest is beneficial to the market system. Smith believed in a
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This essay was uploaded on 04/11/2008 for the course ECO 101 taught by Professor Smidt during the Fall '08 term at Buffalo State.

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eco paper #1 - Mike Miranda Economics October 7 2007...

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