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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.
Edwin Cannan (3 February 1861 – 8 April 1935) was a British economist and historian of economic thought. [ 4 ] [ 5 ] [ 6 ] He taught at the London School of Economics from 1895 to 1926. [ 7 ] [ 8 ]
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.
In the history of economic thought, ancient economic thought refers to the ideas from people before the Middle Ages. Economics in the classical age is defined in the modern analysis as a factor of ethics and politics, only becoming an object of study as a separate discipline during the 18th century. [1] [2] [3] [4]
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"
Harriet Martineau (1802–1876) was a widely-read populariser of classical economic thought. Mary Paley Marshall (1850–1944), the first women lecturer at a British economics faculty, wrote The Economics of Industry with her husband Alfred Marshall. Joan Robinson (1903–1983) was an important post-Keynesian economist.