Between Adam Smith and Karl Marx, whose ideas do you agree with more when it comes to solving scarcity? Explain.
Answer (1)
Adam Smith believed that people working for their self-interest create wealth through competition and productivity. Karl Marx believed in equality and full government control to meet everyone's needs. I agree more with Adam Smith because his ideas reward hard work and innovation. For example, many Filipino online sellers and small business owners succeed because of freedom and effort. But I also believe in helping the poor, so maybe a mix of both ideas; like social support within a market system, is best for the Philippines.
