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Classical Economics |
Also found in: Encyclopedia, Wikipedia, Hutchinson | 0.04 sec. |
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Classical Economics Classical Economics refers to work done by a group of economists in the 18th and 19th 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. Notes: Famous economists of this thinking include Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill. |
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| Advocates of the new-model capitalism, and the globalization project that goes with it, like to present it as an expression of historical necessity, rooted in classical economics and embodying irrefutable laws. From the viewpoint of classical economics, the structure of a company is pretty simple: There are just two entities--the managers and the owners. Again, classical economics would say: more finished steel available, lower price. |
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Classical Economics
