classical economics

American  

noun

1. 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.

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Other Word Forms

Derived Forms

• classical economist
  noun

Example Sentences

She is the rational actor of classical economics, as imagined for instance by Adam Smith.

From Salon • Dec. 25, 2021

In classical economics, caps on rent increases were believed to limit the incentives to build new housing.

From The New Yorker • Nov. 20, 2019

The first, called limited rationality, helps explain why people do not necessarily follow the dictates of classical economics.

From Science Magazine • Oct. 9, 2017

It’s why people hate classical economics, classical economists, and Harvard classical economists in particular.

From New York Times • Oct. 29, 2016

The creative desire is an incident or a sort of by-product of the economics of socialism as it is of classical economics; neither one nor the other depends on its cultivation.

From Creative Impulse in Industry A Proposition for Educators by Marot, Helen