Classical Economics


DEFINITION of '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.

BREAKING DOWN 'Classical Economics'

Famous economists of this school of thought included Adam Smith, David Ricardo, Thomas Malthus and John Stuart Mill.

  1. Laissez Faire

    An economic theory from the 18th century that is strongly opposed ...
  2. Keynesian Economics

    An economic theory of total spending in the economy and its effects ...
  3. Mainstream Economics

    A term used to describe schools of economic thought considered ...
  4. Say's Law Of Markets

    An economic rule that says that production is the source of demand. ...
  5. Mont Pelerin Society

    A group of economically and politically liberal economists, philosophers ...
  6. Dismal Science

    A term coined by Scottish writer, essayist and historian Thomas ...
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