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Classical economics, also known as the classical school of economics, [1] or classical political economy, is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. [2]
Joan Violet Robinson FBA (née Maurice; 31 October 1903 – 5 August 1983) was a British economist known for her wide-ranging contributions to economic theory.One of the most prominent economists of the century, Robinson incarnated the "Cambridge School" in most of its guises in the 20th century.
Adam Smith. The classical school of economic thought emerged in Britain in the late 18th century. The classical political economists Adam Smith, David Ricardo, Jean-Baptiste Say and John Stuart Mill published analyses of the production, distribution and exchange of goods in a market that have since formed the basis of study for most contemporary economists.
Classical economics focuses on the tendency of markets to move to equilibrium and on objective theories of value. Neo-classical economics differs from classical economics primarily in being utilitarian in its value theory and using marginal theory as the basis of its models and equations. Marxian economics also descends from classical theory.
Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer. [3] Of the 828 verses in his poem Works and Days, the first 383 centered on the fundamental economic problem of scarce resources for the pursuit of numerous and abundant human ends and desires.
In The Corruption of Economics, Gaffney and fellow Georgist Fred Harrison begin their inquiry with the observation that America’s nineteenth-century universities, like its railroads, were land-grant institutions, vested with warrants to vast acreages under the 1862 Morrill Act. They were thus not only noble outposts of practical learning but ...
Classical economics books (1 C, 9 P) N. Neoclassical economics (2 C, 16 P) New classical macroeconomics (1 C, 11 P) Pages in category "Classical economics"
The iron law of wages is a proposed law of economics that asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker. The theory was first named by Ferdinand Lassalle in the mid-nineteenth century.