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Classical Economics
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Ishaan Bilala
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Classical Economics - June 8th, 2016

Classical economics, English school of economic thought that originated during the late 18th century with Adam Smith and that reached maturity in the works of David Ricardo and John Stuart Mill. The theories of the classical school, which dominated economic thinking in Great Britain until about 1870, focused on economic growth and economic freedom, stressing laissez-faire ideas and free competition.

Many of the fundamental concepts and principles of classical economics were set forth in Smith’s An Inquiry into the Nature and Causes of the Wealth of Nations (1776). Strongly opposed to the mercantilist theory and policy that had prevailed in Britain since the 16th century, Adam Smith argued that free competition and free trade, neither hampered nor coddled by government, would best promote a nation’s economic growth. The entire community benefits most when each of its members follows his or her own self-interest. In a free-enterprise system, individuals make a profit by producing goods that other people are willing to buy. By the same token, individuals spend money for goods that they want or need most. Smith demonstrated how the apparent chaos of competitive buying and selling is transmuted into an orderly system of economic cooperation that can meet individuals’ needs and increase their wealth. He also observed that this cooperative system occurs through the process of individual choice as opposed to central direction.
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Jayashree Iyer
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Re: Classical Economics - September 28th, 2016

Classical economic theory is rooted in the concept of a laissez-faire economic market. A laissez-faire--also known as free--market requires little to no government intervention. It also allows individuals to act according to their own self interest regarding economic decisions.



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