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Karl Marx is considered the father of a command economy, as he advocated for a system where the state controls production and distribution of resources to achieve equality and eliminate class distinctions. Adam Smith, on the other hand, is known for his ideas on capitalism and the free market, emphasizing individual self-interest and competition as drivers of economic prosperity.
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Who is the father of economic?
Father of Economics is Adam Smith
Who was the father of economic?
ADAM SMITH is generally regarded as the father of economics.
Who is referred to as the father of economics?
John Maynard Keynes
Economists associate Adam Smith with a?
Adam Smith is associated with a market economy.
Who was known as the father of the free market economy?
American economist Milton Friedman is known as the father of the free market principle.
Who is the father of economic?
Father of Economics is Adam Smith
Father of economist?
Adam Smith is considered as the father of the economy. He is known as the most influential thinker in the field of economics. In 1759, he published his first book entitled The Theory of Moral Sentiments.
When was Adam Smith Chair of Political Economy created?
Adam Smith Chair of Political Economy was created in 1892.
Who was the father of economic?
ADAM SMITH is generally regarded as the father of economics.
Who is referred to as the father of economics?
John Maynard Keynes
Economists associate Adam Smith with a?
Adam Smith is associated with a market economy.
Who was the first person to explain the market economy?
Adam Smith
Who was known as the father of the free market economy?
American economist Milton Friedman is known as the father of the free market principle.
Adam smith's parents names are?
Adam Smith shared is father's name of Adam Smith and his mother's name was Margaret Douglas.
Who is father of economic?
adam smith is the father of Economics.
Which enlightenment thinker is considered the father of modern economics?
Adam Smith, and Thomas Malthus.
Why did Adam Smith insist that a market economy would produce consumer goods more efficiently that a command economy?
To maximize profits, firms in market economies strive to efficiently supply and distribute what consumers want.
