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Essay / Research Paper Abstract
A 9 page research paper on the influence of Adam Smith, Jean-Baptiste Say, David Ricardo, Karl Marx and Alfred Marshall on labor value and distribution of income. The writer discusses Marshall's synthesis of earlier theories and ethical points, and closes with a modern 'ideal society' scenario based on his synthesis, which foreshadows a perfect global economy. Bibliography lists 7 sources.
Page Count:
9 pages (~225 words per page)
File: D0_Valdist.doc
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income throughout the society is highly functional (Galbraith, 1994, 74). The value of workers in regards to business and national economies
in terms of distribution has been theorized for over two hundred years. Determining value in regards distribution is viewed as a balancing act that has been partly dependent on
the needs of national economies and responsive to market forces. Theories concerning value and distribution have evolved over time within diverse societal structures to reach a point where ideologies,
generally, are shared between societies. Some of the economic thinkers who have made strong contributions to the theory of value and distribution include Adam
Smith, Jean-Baptiste Say, Karl Marx, David Ricardo, and Alfred Marshall. The basis of economic theory expounded by these economic thinkers continues to be relevant in terms of society, particularly
in terms of the value of workers to the economic welfare of states. This is especially relevant today, when economies are responding to global market forces. The pertinent
question resides in the balancing act between the value of workers within any one country and their contributions to distribution of income that is now global. Historical Precedence
In 1776 Adam Smith defined capitalism in The Wealth of Nations. His theory became the theoretical basis of the United States economy, and therefore part
of the U.S. Constitution (Galbraith, 1994, 5; Heilbroner & Thurow, 1994, 27). For this reason, many of his theories concerning the "nature of man" and consumer productivity survive in
economic theory today. Smith was the first to put into words the importance and quantification principles of workers in distributive terms. The nature of
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