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Economic system based on the theories of Karl Marx and Vladimir Lenin in which the means of production are owned by the government?
Wiki User
∙ 13y ago
The answer to this specific question is Socialism, not Communism. According to Marx, after the revolution by the proletariat working class, the means of production would be seized by the workers and a government set up by the proletariat. This government would own all property. Eventually, Communism would evolve and there would be no government. Thus any situation where there even IS a government would not be Marx's vision of communism.
Wiki User
∙ 13y ago
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Are future economic trends influenced by economic theories?
Yes, the future economic trends are usually influenced by the economic theories.
What economic theories supports an increase in government spending in order to benefit private industries?
Keynesian theory
Do markets work?
No; not according to some economic theories. Yes; according to some economic theories.
What would be one downside to Keynes theories?
The massive debt a government can amass over a period of time while employing Keynesian economic theories. e.g. the United States of America.
Supporters of adam smiths economic theories would probably support a government policy of?
removing regulations regarding business practice in the baking industry
Supporters of Adam Smith economic theories would probably support a government policy of?
removing regulations regarding business practice in the baking industry
What are theories in economics called?
economic models
How are Alfred Marshall's economic theories viewed?
Marshall's economic theories, although very elaborate, have been viewed as eclectic and lacking in internal consistency.
How has religion influenced the application of economic theories?
Religion influenced the application of economic theories in a huge way. In the olden days, people valued religion and would follow whatever guidance religion provided and that is how it gained so much power even in economic theories.
What are the economic and political arguments for regional economic integration Given these arguments why don't we see more integration in the world economy?
The economic case for regional integration is straightforward. Economic theories of international trade predict that unrestricted free trade will allow countries to specialize in the production of goods and services that they can produce most efficiently.
How does the economic theories impact on the social welfare development?
Generally, economic theories of all types and ideology have three principle effects on social welfare: 1) the total amount of wealth in that society; 2) the institutions, methods, and production which that wealth is invested in; 3) the distribution of that wealth amongst society's members. Economic theories propose and define how resources are organised to produce desired outcomes. With these outcomes, theories define what powers or methods will control or invest this wealth. Finally, the theories determine what obligations society has to its members and how these obligations are met. In terms of development, theories differ greatly because they advocate different methods, institutions, and distributions of income - all of which affect how a society develops economically.
What is the correct chronological order of economic philosophers of the nineteenth century?
the chronological order of economic theories
