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classical economics |
Also found in: Financial, Encyclopedia, Wikipedia | 0.04 sec. |
classical economicsSchool of economic thought that dominated 19th-century thinking. It originated with Adam Smith's The Wealth of Nations (1776), which embodied many of the basic concepts and principles of the classical school. Smith's theories were further developed in the writings of John Stuart Mill and David Ricardo. Central to the theory were economic freedom, competition, and laissez-faire government. The idea that economic growth could best be promoted by free trade, unassisted by government, was in conflict with mercantilism. The belief that agriculture was the chief determinant of economic health was also rejected in favour of manufacturing development, and the importance of labour productivity was stressed. The theories put forward by the classical economists still influence economists today. |
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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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