Who was the Author of "Das Capital"?

Correct Answer Karl Marx

Key PointsDas Capital, 1867:

• Das Kapital is a key work by Karl Marx (1818–83), a 19th-century economist and philosopher, in which he outlined his theory of the capitalist system, its dynamism, and its tendency toward self-destruction.
• His goal, he said, was to reveal "the economic rule of motion of modern civilization."
• According to Marx, the existence of a massive army of unemployed, which he blamed on the capitalists, was what drove wages to subsistence levels, not population pressure.
• He claimed that in the capitalist system, labour was nothing more than a commodity that could only be exchanged for subsistence wages.

Additional InformationAdam Smith:

• Adam Smith recognized the 'invisible hand' to the Market mechanism.
• The phrase invisible hand was introduced by Adam Smith in his book 'The Wealth of Nations.
• He assumed that an economy can work well in a free market scenario where everyone will work for his/her own interest.
• He suggested that if people were allowed to trade freely, self-interested traders present in the market would compete with each other, leading markets towards positive output with the help of an invisible hand.
• In a free market scenario where there are no regulations or restrictions imposed by the government, if someone charges less, the customer will buy from him.
• Therefore, we have to lower your price or offer something better than your competitor.