Require a report for Histroy of economic thought for the following topic: Labor

Question

Require a report for Histroy of economic thought for the following topic: Labor in view of Karl Marx and Adam Smith opposing views and critques of argument. Around 5 pages please

My topic is the opposing views of Karl Marx and Adam Smith on labor. In specific Karl Marx view on labor exploitation and Adam Smiths opinion on the Invisible hand and how production would boom if freedom was allowed were as Karl Marx argued otherwise. In my report I will combine the two to make them about Labor as a whole and how they had opposing views on the matter.

Explanation / Answer

We know that Marx and Adam smith are the two important economic thinkers. Both they are studied the Economic situation of the present world. Here We first discuss the role of labour in both classicals and Marxian.

Adam smith

Adam smith considered as the Father of Economics. He is a british moral philosapher. His important contribution in Economics is the Invisible hand. We know that the Invisible hand means Something will bring everything in good order. He believed that the working of the invisible hand will give capitalists economy ensures laissez-faire. His view point on labour is explained below:

Dvision of labour

In smithian analysis the starting point is the division of labour. We know that divsion of labour is the specialization of labour. It will create social coorporation in the production process. Him, Division of labour was an expression of man's constant need for coorporation and the help of his fellow beeings. He suggested division of labour because,

1. It increases the production and productivity

2. It increases the dextirity and skills of workers

3. It helps to save time in the production process

4. It leads to specialization and innovations.

5. It also developes the capital accumulations.

Karl Marx

We know that Karl marx is a german philosopher. In his view on labour is labour theory of value. He believed that the value of the commodity is the socially necessary labour time invested in it. Him, the capitalist do not pay workers the full value of the commodities they produced. But compensate the wokers for the necessary labour only. In his veiw to increase productivity is:

1. Toprolonging more working hours.

2. By reducing the subsistance wages pay for him

3. By increasing the efficiency of the labour.

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