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

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

This seemed like confirmation that Brazil was experiencing a second coming of its miracle, the sort of growth that defied the laws of classical economics.

From Slate • Aug. 7, 2016

We have already noted that Marx followed the classical economics in his treatment of the theory of value, but improved the definition of it, and brought it to bear on wages.

From The life and teaching of Karl Marx by Beer, M.