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Essay / Research Paper Abstract
This 3 page paper examines the economics of real estate. Bibliography lists 5 sources.
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3 pages (~225 words per page)
File: RT13_SA912key.rtf
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everything. Yet, Marx was a communist but there are other theorists like Adam Smith who do believe that capitalism can lead to prosperity for all. Either way, property enters the
picture. In order to thrive, many theorists believe that people should participate in capitalism and own things. Smith (1994), a free trade advocate, would see the people as needing to
work hard for their money in order to become motivated. For Smith, the people had to earn money and compete for it. Free trade is an excellent paradigm in
which to manifest Smiths vision. Ideally, for Adam Smith, government would not get involved as market forces would prevail. Clark (2002) explains: "Adam Smith saw wealth in terms of the
material prosperity of the society as a whole" (p.415). For Smith, everyone would or at least should prosper and ideally, this is a value that capitalism embraces. However, some argue
that this is simply an impossibility. It is a good idea in theory, but the reality is that greed enters the picture and people simply will not let money trickle
down. The recent economic crisis is an example of this. For those who do not believe that an entirely free market-void of rules and regulations and government intervention-is good,
there are theories that suggest government must act. For instance, in the current economic crisis, President Obama is making decisions and leading the country towards what some say is socialism.
The government in effect has some ownership in the capitalism system and so they have control. Keynesian economics is more in line with this way of thinking, although it does
not support socialism. For Keynes, government intervention is necessary. Of course, throughout the years in the United States, the government has played with interest rates and this is certainly something
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