Classical Economics
Classical economics refers to work done by a group of economists in the eighteenth and nineteenth centuries. They developed theories about the way markets and market economies work. The study was primarily concerned with the dynamics of economic growth. It stressed economic freedom and promoted ideas such as laissez-faire and free competition. Investopedia Says:
Famous economists of this school of thought included Adam Smith, David Ricardo, Thomas Malthus and John Stuart Mill. Related Terms:
Dismal Science
Economics
Endogenous Growth Theory
Keynesian Economics
Laissez Faire
Neoclassical Economics
True Cost Economics |