Difference between revisions of "Classical economics"
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'''Classical economics''' is the economic theory emphasizing self-interest along with the operation of universal economic laws to make predictions about the economy. For example, classical economics predicts full employment if the government does not interfere with minimum wage [[law]]s or other regulations. | '''Classical economics''' is the economic theory emphasizing self-interest along with the operation of universal economic laws to make predictions about the economy. For example, classical economics predicts full employment if the government does not interfere with minimum wage [[law]]s or other regulations. | ||
| − | The leading proponents of classical economics include [[Adam Smith]], [[David Ricardo]], [[Thomas Malthus]], Jean Baptiste Say, Jeremy Bentham, and [[John Stuart Mill]]. | + | The leading proponents of classical economics include [[Adam Smith]], [[David Ricardo]], [[Thomas Malthus]], Jean Baptiste Say, [[Jeremy Bentham]], and [[John Stuart Mill]]. |
== See also == | == See also == | ||
Latest revision as of 04:37, January 8, 2011
Classical economics is the economic theory emphasizing self-interest along with the operation of universal economic laws to make predictions about the economy. For example, classical economics predicts full employment if the government does not interfere with minimum wage laws or other regulations.
The leading proponents of classical economics include Adam Smith, David Ricardo, Thomas Malthus, Jean Baptiste Say, Jeremy Bentham, and John Stuart Mill.