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.

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