The invisible hand in economics

Reference no: EM13751739

Question 1.

Adam Smith wrote of, "The Invisible Hand" in economics. Give a critical evaluation of the way in which this concept has been affected by the theories of Maynard Keynes, Karl Marx, Milton Friedman and political expediency and/or dogma.

You may use any pictorial technique to justify your argument you see as relevant and appropriate. i.e. Graphs, Charts, Economic curves, etc.)

Question 2.

"The sole purpose of production is consumption", Adam Smith.

Evaluate statement in relation to contemporary business activity, David Ricardo's theories and the effect of trading groups such as the European Union, NAFTA, etc. Your response should use any pictorial technique you feel supports your argument.

Reference no: EM13751739

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