Staying with the fusion of sacred and secular discussed above, the Hindus' definition of economics could be aligned with Irving Fisher, the famous classical economist
, definition, namely that ".
By giving the Theories of a Firm a home only in post neo-classical economics, one may ask if the classical economists
had anything to say about the firm.
To a classical economist
, saving and investment are equal because they are the same thing.
A defender of eugenics and an advocate of Prohibition, Fisher hailed "the change from extreme laissez faire doctrines of the classical economists
to the modern doctrines of governmental regulation and social control.
To be sure, he saw past the superficial dichotomy between the a priori and historical approaches taken by Ely, thinking that Adam Smith and other classical economists
also used both a priori and historical methods.
In principle no neo classical economist
could object to such regulation for all of them vehemently rejected the 'wage fund' theory according to which wages were shared out of a fixed sum [Schumpeter (1949), pp.
He quoted the early classical economist
William Petty in relation to wealth: "labor is its father and the earth its mother.
John Ramsay McCulloch, who as we have seen objected to Ricardo's analysis, focused on some of these peculiarities (see O'Brien 1975, 227-28).
ITEM: After describing South Africa's President Thabo Mbeki as "an ardent disciple of globalization" in the April 14, 2004 edition of the Christian Science Monitor, staff writer Abraham McLaughlin wrote, "But now the man who was trained as a classical economist
in Britain is hinting at socialism.
The other classical economist
who widened the definition of monopoly was the last of the classicists: John E.
It will not be because economists such as Fox suddenly draw back in horror at the theological errors identified by Long and fellow theologian Tripp York; rather, they will have to adjust an empirically inadequate theory or be swept aside--just as classical economists
were by neoclassical economists.
Interventionism sprang from this reflection and led to a questioning of private property, whether partially, as in the case of Ricardo, Mill, and the classical economists
, or completely, as in Marx's case.