Classical Economist


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Classical Economist

A person associated with a set of related economic theories tracing their origins to the Enlightenment. Adam Smith is commonly thought to be the father of classical economics. He and those who followed him believed that economies work most efficiently when economic actors attempt to maximize their own self-interests, and that doing so tends to maximize the interests of society as a whole. For example, a man may open a mechanic shop to make a profit for himself, but, in the process, he may hire otherwise unemployed mechanics and service otherwise broken cars, which then facilitates business for the rest of the community. See also: Invisible hand, Neo-classical economics, Socialism.
References in periodicals archive ?
The ghost of classical economist David Ricardo touches down on earth in 1960 to visit Ed Johnson, the fictional president of a television manufacturing company struggling against Japanese imports.
Having denied the influence of money on prices, Tooke is the classical economist who finds himself in the best position to develop a meaningful monetary theory--in the sense of making money able to affect the level of output and its distribution among social classes.
The other classical economist who widened the definition of monopoly was the last of the classicists: John E.
One should conclude by recalling the warning of a classical economist, John Stuart Mill.
Certainly no classical economist ever wrote any such statement and to argue that this was their 'implicit' belief, as Skidelsky does, would require evidence of a kind that does not and cannot exist.
As is well known, Menger was one of the initiators of the so-called Neoclassical Revolution and hence could not be described as a Classical economist.
He said: "What I will say is that as a classical economist I am imbued with the idea that the world is not a zero-sum game and the fact that China is doing better doesn't mean that Europe has to do worse.
As stated in the front matter, Jean-Baptiste Say (1767-1832) was a French classical economist who took part in three revolutions: the French Revolution, the Industrial Revolution, and the establishment of economics as an academic discipline.
Perhaps, behavioralists might argue, the profession would have developed better theories had it more closely followed the views of classical economist Alfred Marshall, who stated in his Principles of Economics (1871) that economics is "the study of men .
Because during a crisis, he is not a classical economist.
That is, Pigou as the last of the great (neo) classical economist dealt with individual aspects of the economy.
He was a fan of classical economist Thomas Robert Malthus (1766-1834), and quoted the Malthusian theory of population so often that he was actually known as Malthus on the campus.