Comparing Contrasting Adam Smith & John Maynard Keynes: Project Guidelines
Overview: You will read a series of articles about two of the most important economists that ever lived.
Often students of economics & the general public think of the two scholars as representing two polar opposite opinions
about economics.
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Your job is to research the two economists & formulate a thesis & conclusion as to the assertion that the two
men were diametrically opposed to each other.
You must identify the central ideas of each man's ideas & be able to paraphrase the key details & ideas that
build on the more general themes of each thinker.
Where To Begin!
Remember with a centrally planned system there is little controversy regarding the government. The Government rules
or commands over the entire economy. In a market based economy the role of government is much more
problematic. The role of government in a market economy has been debated for many years. Strong believers in
market economy believe in laissez fare.
Objective: Read complex excerpts from Adam Smith & John Maynard Keynes & write a summary of the similarities &
differences between these two great economic thinkers. You will develop a thesis & provide detailed evidence in
support of their theme & arguments
Key Questions:
1. How did the two thinkers differ on human behavior & how individual behavior would impact the economy?
2. In what way has Keynes & Smith influenced our economy today? Think about both the day-to-day operation of
our economy & how the government responds to economic problems. Consider the economic system of the
U.S.
3. How are Smith’s Classical Theory on aggregate supply and demand vs Keynes “Keynesian Theory on aggregate
supply and demand different.
Here's a good link that will highlight some of the key differences between Keynes & Smith:
Good Article to read: http://activerain.com/blogsview/1353349/understanding-adam-smith-and-john-maynard-keynes
Good Website for Keynes: http://www.maynardkeynes.org/maynard-keynes-economics.html
Use a graphic organizer to list & organize statements from the readings. You will:
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Organize information in a chart form using a note taking system that avoids any appearance of plagiarism or
copyright issues.
From that chart, students will write a position paper or create a PowerPoint presentation where they
summarize & paraphrase the key ideas arguments & details of both Smith's & Keynes' arguments.
You will also summarize & analyze the ongoing debate. Consider which thinker's ideas are most important in
our current economic circumstances.
Time to Write
Now that you have collected this information, it's time to write your summary OR PowerPoint. Your job is to write an
explanatory text clearly encompassing the salient ideas of both Adam Smith & John Maynard Keynes. You must also
describe the "debate" between hard line free marketers & Keynesian liberals. Your thesis must include a statement
regarding the appropriateness & the degree to which the two men can be compared & contrasted. Carefully read the
rubric provided below.
Rubric: 4 Excellent; 3 Proficient; 2 not proficient; 1 inadequate
a) Introduce the topic; organize complex ideas so each new elements builds on that which precedes
b) develop the topic thoroughly by presenting the most significant & relevant facts
c) use a variety of sentence types, & transitions
d) use language that is specific to economics
e) provide a concluding statement that is supported by the details & evidence that precedes it.
Links (The links will be on my website)
Here are some links if you want to learn more about Keynes & Smith
Paul A. London Adam Smith & John Maynard Keynes
Excerpts & Quotes from Adam SmithKeynesian Economics in a Nut Shell
Adam Smith & John Maynard Keynes Compared & Contrasted
Economic Theories of Adam Smith & John Maynard Keynes