Economic Theories and Key Thinkers

The video explores the economic theories of Adam Smith, Karl Marx, John Maynard Keynes, Friedrich Von Hayek, and Milton Friedman. Smith introduced the concept of the 'invisible hand' guiding free markets. Marx critiqued capitalism, emphasizing labor exploitation. Keynes advocated for government intervention to boost demand during downturns. Hayek opposed government control, promoting economic liberalism. Friedman focused on monetarism, suggesting stable money supply growth for economic stability.

What concept did Adam Smith introduce to explain the self-regulating nature of the market?

• The economic hand

• The guiding hand

• The invisible hand

• The visible hand

According to Adam Smith, what should nations do to maximize their wealth?

• Specialize and trade

• Rely on government intervention

• Focus on agriculture

• Increase taxation

What did Karl Marx believe was the true measure of a good's value?

• Production cost

• Government regulation

• Market demand

• Human labor

What did Karl Marx predict would happen as a result of capitalism?

• Economic prosperity

• Technological advancement

• A peaceful society

• A workers' revolution

What did John Maynard Keynes advocate for during economic downturns?

• Letting the market self-correct

• Increasing taxes

• Reducing government spending

• Government intervention to stimulate demand

What was John Maynard Keynes' view on long-term economic policies?

• In the long run, we are all dead

• They should prioritize inflation control

• They should focus on immediate results

• They should consider the long-term impact

What was Friedrich Von Hayek's stance on government intervention in the economy?

• He supported it

• He opposed it

• He was neutral

• He believed it was necessary only in crises

What did Friedrich Von Hayek believe about government price controls?

• They are essential for stability

• They distort the market

• They help in economic growth

• They are a temporary solution

What economic theory is Milton Friedman known for?

• Supply-side economics

• Marxism

• Monetarism

• Keynesianism

What did Milton Friedman believe was crucial for economic stability?

• Increased public spending

• High taxation

• Stable money supply growth

• Government intervention