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How much attention are you giving to Adam Smith, Friedrich Hayek and Karl Marx? Watch

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    I'm just reading a short article on them but I think that's all I'm going to be doing, what about the rest of you?

    This is under Edexcel btw
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    (Original post by amelienine)
    I'm just reading a short article on them but I think that's all I'm going to be doing, what about the rest of you?

    This is under Edexcel btw
    I normally don't give them much attention, but any questions about government intervention, ill always refer to Adam Smith and his invisible hand (determining free market equilibrium price) before I get into the for's and againsts
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    (Original post by pumbting)
    I normally don't give them much attention, but any questions about government intervention, ill always refer to Adam Smith and his invisible hand (determining free market equilibrium price) before I get into the for's and againsts
    So you start off government intervention questions with Adam Smith? How does that work? Do you say something like how the invisible hand led to a misallocation of resources?
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    (Original post by amelienine)
    So you start off government intervention questions with Adam Smith? How does that work? Do you say something like how the invisible hand led to a misallocation of resources?
    Well I'm doing AQA so it might be different, but shouldn't matter too much.
    But yeah, so id say, Adam smith would state that the market should be left to the free market to determine its own equilibrium, in which case the government wouldn't need to intervene. However we can see from that in this market, there has been market failure and a misallocation of resources, so government intervention may be needed to correct the market failure.
 
 
 
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