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

• classical economist
  noun

Example Sentences

See Examples For:

classical economics

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

For example, in the aftermath of a hurricane, gasoline may be in short supply, and classical economics would predict that gas stations should dramatically increase their prices in response.

From Science Magazine ● Oct. 9, 2017

Prof Krugman, classical economics teaches that by making things less expensive, more people will be able to afford them and be able to purchase them.

From New York Times ● Dec. 30, 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 Helen Marot