Definition of economics by John Stuart Mill?

Answer 1

Keynes proposed that governments can keep economies running smoothly by accumulating reserves in times of prosperity, and spending those reserves in the form of economic stimulus packages in times of recession or economic slow-down. Governments have been quick to adopt the second half of the program while ignoring the first half. It's always more fun to spend money than to save it for a rainy day.

Answer 2

Marx employed a labour theory of value, which holds that the value of a commodity is the socially necessary labour time invested in it. Capitalists, however, do not pay workers the full value of the commodities they produce. The gap between the value a worker produces and her wage is a form of unpaid labour, known as surplus value. Moreover, Marx notes that markets tend to obscure the social relationships and processes of production, a phenomenon he termed commodity fetishism. People are highly aware of commodities, and usually don't think about the relationships and labour they represent. Marx's theory of value, perhaps his most important contribution to the field of economics, albeit, the most rejected - stated that the value of any given commodity is determined by the socially average simple labour time used to create it, giving skilled labour value in multiple units of unskilled labour, suggesting that the market determines all prices based on this mythical underlying labour cost

Answer 3

John Maynard Keynes was the person behind the General Theory of Employment, Interest and Money "arguing that demand, not supply, is the key variable governing the overall level of economic activity."

Answer 4

On economics, and his preferred sytem, Adam Smith said, "Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer."

Answer 5

Keynes proposed that governments can keep economies running smoothly by accumulating reserves in times of prosperity, and spending those reserves in the form of economic stimulus packages in times of recession or economic slow-down. Governments have been quick to adopt the second half of the program while ignoring the first half. It's always more fun to spend money than to save it for a rainy day.
He believed the government should run deficits to stimulate a sagging economy.

Answer 6

He defines economics as a political science in the production and distribution of wealth.