Trace the evolution of work on the laissez-faire doctrine through two arcs. First those theorists who are trying to prove that the system is stable. Secondly those who are trying to prove that the system is inherently unstable. For each scholar provide their position on the issue as well as the theoretical mechanism that drives stability/instability. Be sure to include each of the following:
- A. Smith (Invisible hand)
- L. Walras (Walrasian Auctioneer)
- K. Marx (Laws of Motion)
- Edgeworth (Edgeworth Box)
- Keynes (Animal Spirits)
- Schumpeter (Creative Destruction)