After reading Application 9.2, "The Academic Scribblers,"one could conclude that individualism was important to:
A) Adam Smith, J.M. Keynes, and Milton Friedman.
B) Milton Friedman and J. M. Keynes, but not to Adam Smith, who wrote two centuries earlier.
C) J. M. Keynes, but not to Adam Smith or Milton Friedman, both of whom favored free markets.
D) Adam Smith and Milton Friedman, but not to J. M. Keynes, who favored government intervention in all economic areas.

Question

Quizplus · Accepted Answer

Adam Smith, J.M. Keynes, and Milton Friedman all placed importance on individualism, though they approached it from different angles. Smith with his invisible hand theory, Keynes with his advocacy for some government intervention to correct market failures, and Friedman with his strong belief in free markets and minimal government intervention. All, in their own ways, emphasized the role of the individual in the economy.

After Reading Application 9