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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.


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00 Hardcover HC79 Classical economists of an earlier age pondered distribution and equality of income between land, labor, and capital as factors of production, whereas the focus now tends more to the distribution between individuals and households.
What historians have known for 2,000 years -- and what the eighteenth century's classical economists also knew -- suddenly struck the new breed of mathematical economists in the 1990s like a flash of lightning: prosperity depends on good government.
Root-and-branch stimulus opponents whose work has crossed my desk recently include efficient-markets fundamentalists like the University of Chicago's Eugene Fama, Marxists like CUNY's David Harvey, classical economists like Harvard's Robert Barro, gold bugs like the Council on Foreign Relation's Benn Steil, and a host of others.
 
 
 
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