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№1 слайд![Synopsis of Adam Smith and](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img0.jpg)
Содержание слайда: Synopsis
of
Adam Smith
and
John Maynard Keynes
By
Emma Shanley
№2 слайд![Adam Smith Scottish Economist](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img1.jpg)
Содержание слайда: Adam Smith
Scottish Economist
1723-1790
Born in Kirkcaldy, Scotland 5 June 1723
School in Kirkcaldy
1737—University of Glasgow
Studied at Oxford University 1740-1747
Lectured in Edinburgh and Glasgow University between 1748 to 1763.
Author of The Publication “The Wealth of the Nations”
№3 слайд![The Power of the Invisible](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img2.jpg)
Содержание слайда: The Power of the Invisible Hand
Pursue individual interest
Result: Benefit society in general
E.g. set up business for profit and create employment for people at the same time.
№4 слайд![Laissez-Faire Promote free](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img3.jpg)
Содержание слайда: Laissez-Faire
Promote free trade
Build up the infrastructure of the country
Provide a legal system
Defend the country
№5 слайд![Productive and Non-productive](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img4.jpg)
Содержание слайда: Productive and Non-productive Labour
Productive
Produced goods for sale
Making money to reinvest
E.g. Baker
№6 слайд![The Labour Theory of Value](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img5.jpg)
Содержание слайда: The Labour Theory of Value
Distinguished between value in use and value in exchange. See my example below.
№7 слайд![The Canons of Taxation](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img6.jpg)
Содержание слайда: The Canons of Taxation
Equality– Tax payments should be proportional to income
Certainty– Tax liabilities should be clear and certain
Convenience: Taxes should be collected in a manner convenient for taxpayer
Economy – Taxes should not be expensive to collect and should not discourage business.
№8 слайд![The Division of Labour](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img7.jpg)
Содержание слайда: The Division of Labour
Improve the productiveness of labour.
For instance, the making of a single pin involves eighteen separate operations, which are entrusted to eighteen separate workmen; and the result is, that whereas one man working alone could make perhaps only twenty pins in a day, several men working together, on the principle of division of labour, can make several thousands of pins per man in one day.
№9 слайд![Exam Questions Examples](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img8.jpg)
Содержание слайда: Exam Questions Examples
№10 слайд![John Maynard Keynes British](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img9.jpg)
Содержание слайда: John Maynard Keynes
British Economist
1883 - 1946
Born in Cambridge, England
Son of John Neville Keynes Professor of Economics at Cambridge
Won a scholarship to Eton and later to Kings College Cambridge
Lectured at Kings College from 1908
№11 слайд![Publications A Treatise on](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img10.jpg)
Содержание слайда: Publications
A Treatise on Money – 1930 Bestseller
The General Theory of Employment, Interest and Money - 1936
№12 слайд![Fiscal Policy](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img11.jpg)
Содержание слайда: Fiscal Policy
№13 слайд![The Theory of the Multiplier](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img12.jpg)
Содержание слайда: The Theory of the Multiplier
Injection of money into a business.
Creates more income than the amount invested.
The formula for the Multiplier is as follows:
1
1 – MPC + MPM + MPT
№14 слайд![The Liquidity Preference](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img13.jpg)
Содержание слайда: The Liquidity Preference Theory of Interest Rates
№15 слайд![Saving and Investments](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img14.jpg)
Содержание слайда: Saving and Investments
Savings and Investments were not equal to each other.
Savings were greater than the amount that entrepreneurs are willing to invest.
Causes underemployment in the economy.
№16 слайд![Exam Question Examples](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img15.jpg)
Содержание слайда: Exam Question Examples
№17 слайд![The End](/documents_6/8dc0d1dee609938ef7f9a08443ad74eb/img16.jpg)
Содержание слайда: The End