| a system or school of economic thought developed by Adam Smith, Jeremy Bentham, Thomas Malthus, and David Ricardo, advocating minimum governmental intervention, free enterprise, and free trade, considering labor the source of wealth and dealing with problems concerning overpopulation. |
Classical Economics
Classical Economics refers to work done by a group of economists in the 18th and 19th centuries. They developed theories about the way markets and market economies work. The study was primarily concerned with the dynamics of economic growth. It stressed economic freedom and promoted ideas such as laissez-faire and free competition.
Investopedia Commentary
Famous economists of this thinking include Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill.
Related Links
Economics Basics Tutorial
See also: Dismal Science, Economics, Keynesian Economics, Laissez Faire