Classical Economist


Also found in: Encyclopedia.

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 ?
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. While he opposed fiscal stimulus, he advocated easy money to keep the economy from collapsing.
That is, Pigou as the last of the great (neo) classical economist dealt with individual aspects of the economy.
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." (Capital Vol.
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." McLaughlin continued, "So Mbeki may start drawing on another part of his past--one that includes meetings at a Soviet dacha once used by Joseph Stalin and charter membership in the politburo of the South Africa Communist Party." And he added, "He's campaigning on a 'people's contract' that would make Franklin Roosevelt proud."
Far from simply being a Hollywood actor, Ronald Reagan was an economics major at Eureka College, received a classical economist's education, and aided the Screen Actors Guild when communists attempted to take it over in the 1940s.
He is usually referred to as a "classical economist" (Samuelson and Nordhaus, 1995, p.
Marx, as one might expect, as a classical economist if for no other reason, attributes all rents to monopoly--"Landed property presupposes that certain persons enjoy the monopoly of disposing of particular portions of the globe as exclusive spheres of their private will to the exclusion of all others" (Marx [1894] 1981, 752).