Reflecting On The Lives Of Adam Smith And Karl Marx

This week in my personal finance and economics class, we learned about Adam Smith and Karl Marx and their ideas on economics. We made a dialogue in our class with a partner in which we had to learn about these men and act out how we think they act if they ever meet and discuss their viewpoints on the world's differing economies. Now, Adam Smith and Karl Marx were two completely different men with completely different ideas; however, they both are the same in the way that they changed economics forever. Adam Smith believed in a free market economy and that people should follow their own self-interests. People are free to do what they want and can make their own choices. Karl Marx on the other hand believed in communism or a command market economy. In this economy, the government runs most of the businesses and everyone is equal and forced to have the same standing. This being said, during our differing dialogues in class, we described and came up with ideas that could be used in order to make our local town, Weserville, thrive. Almost everyone agreed that a mixed economy featuring Adam Smith's and Karl Marx's ideas would be needed for it to thrive.

My view on this topic is that it was very insightful in retrospect. Personally, it allowed me to understand a bit more on the differing economies and I was able to understand what type of economy Weserville would need in order to thrive and raise itself up into popularity. Overall, I believe that a mixed economy is the best economy that can be found in any place. I have learned this week that the best economies are not simply directed at one idea, but at a multitude. In order to make a difference, people must change and allow certain aspects to change as well. Command economies are generally seen as bad, but the government running public services can be seen as good! Also, a free market economy gives everyone the freedom to go after their own self-interests and not be held down. A mixed economy is the way to go in everything and I hope that Weserville decides to create one in the end.

I believe this topic can relate to what we are learning continuously in class as economies control the way a nation acts. The class is based upon life problems and the living in the world around the nation's economy. In the end of the day, by learning more about the economy, we can discover more about the way that we are currently living in the US and more about how we can change the world. Our economy effects everything and that is why this subject is so crucial. Everything else in class will be effected by out economy. Also, in the end, we get to understand how important the economy truly is and how much it impacts us.