The Keynesian Era During The Middle Of The Nineteenth Century

Before the â€Å"Keynesian† era in the middle of the nineteenth century, economists Adam Smith, David Ricardo, Thomas Mathus, and John Stuart Mill all shared somewhat similar economic views of the world. Some of the main concepts covered during this time included the division of labor, theories of rent, value, and distribution, theories of market â€Å"gluts† and population, and opportunity cost, competition, and trade. These classical economists believed capitalism was the foundation for an efficient economy where little to no government intervention was recognized. Although they disagreed on some issues, economics is interesting in the sense that ideas are always changing based on the shifting markets and viewpoints of economists. Economics, which is described as the knowledge or rationalization of how a market works based on production, consumption, the transfer of wealth, or a person’s income from one set of hands to another, can relate even to this day, back to the revolutionizing conception of one extremely important economist, John Maynard Keynes. Before Keynes, economists believed with little to no government intervention, an economy would be self-adjusting in terms of employment and economic production, consumption, and output. All the ideas of classical economists were questioned during the Great Depression because markets were failing, there were high rates of unemployment, and the economy was not fixing itself. Keynes wrote The General Theory of Employment, Interest,Show MoreRelatedHistory of Globallization5628 Words   |  23 Pagesglobalization covers centuries. This paper divides those centuries into three eras. 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