An Outline of Keynesian and Neoclassical Economics Views

In the last century, there has been a lot of economic crises which were caused by politics that were shaped by the first and second world wars. Also, it marked the period in which industries were established in many places within America. It necessitated the existence of critical thinkers to create theories in labor, business, and productivity to shape the global economy. Economists such as Adam Smith, Carl Marx, and Keynes tackled critical economic issues in the world. Keynes focused on the role of government expenditure on the welfare of the economy. Neoclassical economists such as Carl Marx and Adam Smith concentrated on the production methods and their implications on the economy. Economic theories were developed to solve economic slumps witnessed at the time. Keynes and neoclassical economics share some arguments but differ in others regarding the recovery of the US economy after the great recession.