*100 points* I am trying to remember the difference between these 3 people in economics. here is the following info I have gotten and the best summarization gets the brainiest answer :D First Economist: Adam Smith Adam Smith lived from 1723–1790, was a Scottish philosopher and professor, and authored The Wealth of Nations. In his work, he argued that an economy regulated itself through the interaction of supply and demand and, therefore, was best left alone. He did not think the government should have a large active role in controlling the economy. Because of this, he believed in taxation at the minimum needed to support the operation of government, and thought the amount should be based on a person’s ability to pay. He supported free trade between nations, again believing that the market forces of supply and demand would contribute to the production of high quality goods and services at reasonable prices. He believed that individuals as consumers and business owners ought to be the ones answering the basic economic questions of what to produce, how to produce, and for whom to produce. Second Person: Karl Marx Karl Marx was German, lived from 1818–1883, and authored many works. Probably the most significant for economics students is Das Kapital (Capital, in English). Marx wrote in response to the change from a primarily agrarian economy to an industrial economy. He was concerned that this change created tension between groups of people, most notably factory owners and workers. He believed this tension, made worse by the seeking of profits by company owners, would result in economic collapse. He saw the natural next step as government control of the economy to prevent wide variation in the income of people, as well as to keep the prices of goods and services balanced. He thought of personal property as theft. In his mind, the government should provide the answers to the basic economic questions of what to produce, how to produce, and for whom to produce. Third Person: John Maynard Keynes John Maynard Keynes was British and lived from 1883–1946. He authored several works but his most significant, especially to economics students, is his General Theory of Employment, Interest, and Money. The way we divide the study of economics into macroeconomics and microeconomics can be traced to him. He believed in capitalism—that individuals should answer the basic economic questions of what to produce, how to produce, and for whom to produce. However, he believed that a capitalist system could be most efficient and protected from the negative consequences of major booms and busts through the government. His influence on society is most notable in the years following the Great Depression. The British and United States’ governments followed his recommendations of government spending, even putting themselves in debt, in order to stimulate the economy and get it back on track. A recent example of Keynesian economics is President Obama’s signing into law a large stimulus package in February 2009.

Scottish social philosopher and political economist Adam Smith wrote 'The Wealth of Nations' and achieved the first comprehensive system of political economy.

Who Was Adam Smith?

Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism," The Wealth of Nations, in which he details the first system of political economy.

Early Years

While his exact date of birth isn’t known, Adam Smith’s baptism was recorded on June 5, 1723, in Kirkcaldy, Scotland. He attended the Burgh School, where he studied Latin, mathematics, history, and writing. Smith entered the University of Glasgow when he was 14 and in 1740 went to Oxford.

Adam Smith & Economics  

'Wealth of Nations'

After toiling for nine years, in 1776, Smith published An Inquiry into the Nature and Causes of the Wealth of Nations (usually shortened to The Wealth of Nations), which is thought of as the first work dedicated to the study of political economy. Economics of the time was dominated by the idea that a country’s wealth was best measured by its store of gold and silver. Smith proposed that a nation’s wealth should be judged not by this metric but by the total of its production and commerce—today known as the gross domestic product (GDP). He also explored theories of the division of labor, an idea dating back to Plato, through which specialization would lead to a qualitative increase in productivity.

Adam Smith & Economics  

'Wealth of Nations'

After toiling for nine years, in 1776, Smith published An Inquiry into the Nature and Causes of the Wealth of Nations (usually shortened to The Wealth of Nations), which is thought of as the first work dedicated to the study of political economy. Economics of the time was dominated by the idea that a country’s wealth was best measured by its store of gold and silver. Smith proposed that a nation’s wealth should be judged not by this metric but by the total of its production and commerce—today known as the gross domestic product (GDP). He also explored theories of the division of labor, an idea dating back to Plato, through which specialization would lead to a qualitative increase in productivity.

levels of production can be increased by technology while holding labor and capital constant, because increased technology makes the production process more efficient. subsequently, the lras curve is almost a vertical line, that can shift to the right, with an increase in technology.

the relationship between the lras curve and the ppc is that both can make the economy could grow. the ppc achieves that when it shifts outward because of more resources or technological advances while the lras curve shifts if more resources are developed or if there are technological advances.

the lras curve is a vertical line at an output level that represents the number of goods and services a nation can produce over a sustained period using all of its productive resources as efficiently as possible with all of the current technology available to it.

the production possibilities frontier (ppf) is a graphical device that is used for economic analysis of production decisions because the ppf measures the maximum possible combinations of two goods that an economy is capable of producing with its currently available resources and technology.