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Classical Economics |
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Classical Economics A set of related economic theories that trace 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Following the mathematical (read, "scientific") dictates of modern economics--an idea the classical economists never recognized--the IMF prescribes the same program of open and free markets, privatization and end of government controls, regardless of the specific situation. Wong, in contrast, argues that up to the late eighteenth century, both Europe and China experienced "Smithian growth" of the market and the commercial economy, though both remained within the natural limitations identified by the classical economists as a feature of an agrarian economy. He prefers "new classical economics," apparently to play down the aura of faddishness and more firmly establish the movement's links with pre-Keynesian classical economists like Jean-Baptiste Say. |
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