The Major Classical Theorists Influenced The Economics Of...

Three major classical theorists have attempted to interpret why societies change. They are Adam Smith, Max Weber, and Karl Marx (Franks, 35). These three have inspired a lot of people down the years. Adam Smith is known as the theoretical father of modern economics. In 1776, Smith argued that the â€Å"invisible hand† of the market would change the economics of a nation and it would make the nation better. In his invisible hand theory, he states that if one person strived to achieve success, then the person would simultaneously benefit people around him. The prices and quality will be determined by relationships between consumers and sellers through supply and demand (Franks, 34). In other words, the market will not be regulated by the†¦show more content†¦The history of Marxism is controversial, and the ideas have influenced a lot of men and women to address social issues. Karl Marx stated that the occurrence of capitalism brought humanity a necessary step closer to socialism and the conquest of human inequality (Frank, 30). This is an inevitable part of the development of human society. According to scholar Mario Barrera, traditional Marxists thinks that a class is a group of people who have a similar relationship in things that they use in their daily lives, such as food, houses, and appliances (Franks, 30). Also, Marxists address that each society has its own particular class structure. In addition, Marxists have defined three primary classes that currently exist in a capitalist social system, and they can be found in the United States. The first group of classes consists of capitalists, people who own and control an enormous proportion of productive property in the United States. Having productive property means being able to produce products, such as producing products that people demand. In this case, capitalists are wealthy because they hold an overwhelming amount of productive property. The second group of classes consists of workers, people who have cars, computers. cell phones, and homes, but they own little of productive property. The reason is that most of their income comes from their wages, salaries, and tips. They do not own company themselves. The third group of classes compose by the bourgeoisie, who