This paper studies the two most influential economists of the modern era: Karl Marx (1818-1883) and John Maynard Keynes (1883-1946).
This paper discusses how Marx's political philosophy and
economic theories triggered some of the most significant revolutions in human history, while Keynes was responsible for introducing a whole new concept of economic theory that came to be known as Keynesian Economics and influenced the economies of several non-communist countries after the Second World War. The paper presents the main economic theories each economist and discusses their contribution to society -- then and now . The paper also compares and contrasts the theories and concludes with a brief assessment of their legacy and lasting impact. Outline: Economic Theories of Karl Marx Materialist Concept of History Stages of History Theory of Surplus Value Monopoly Unemployment (Reserve Army) Immiseration Theory Economic Theories of John Maynard Keynes Critique of Classical Economics Government Spending and the Welfare State Comparison of Karl Marx and John Maynard Keynes Conclusion