What is the main difference between Adam Smiths view of the economic system and Marxs view?
Adam Smith argued that people, left to their own means and desires, would bring about the most efficent allocation of goods. This works by the invisible hand of the economy which makes rarer goods more expensive and most prevelent goods cheaper. Marx says people are idiots, and the the gov’t should distribute the goods. The impications of Adam Smith is capitalism, the private ownership of goods and property the implications of Marx’s is communism and socialism, which is the public (gov’t) ownership of goods. You can see which one is better by looking at who won the cold war USA!! USA!! USA!!
