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 ?
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.
Classical economist 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.