classical economics

E30266
economic theory school of economic thought

Classical economics is a school of economic thought, originating in the late 18th century, that emphasizes free markets, competition, and the idea that self-interested behavior can lead to socially beneficial outcomes.

Jump to: Surface forms Statements Referenced by

Observed surface forms (4)

Surface form Occurrences
Say's Law 2
Classical economics 1
Ricardian economics 1

Statements (52)

Predicate Object
instanceOf economic theory ⓘ
school of economic thought ⓘ
asserts self-interest can lead to socially beneficial outcomes ⓘ
associatedWithConcept Say's law ⓘ
classical theory of distribution ⓘ
classical theory of growth ⓘ
comparative advantage ⓘ
diminishing returns ⓘ
free trade ⓘ
invisible hand ⓘ
labor theory of value ⓘ
laissez-faire ⓘ
long-run full employment tendency ⓘ
market self-regulation ⓘ
quantity theory of money ⓘ
wage-fund doctrine ⓘ
contrastedWith Keynesian economics ⓘ
neoclassical synthesis ⓘ
developedInCountry United Kingdom ⓘ
developedInRegion Western Europe ⓘ
emphasizes competition ⓘ
free markets ⓘ
self-interested behavior ⓘ
focusesOn distribution of income ⓘ
economic growth ⓘ
long-run analysis ⓘ
production ⓘ
hasKeyProponent Adam Smith ⓘ
David Ricardo ⓘ
James Mill ⓘ
Jean-Baptiste Say ⓘ
John Stuart Mill ⓘ
Nassau William Senior ⓘ
Thomas Malthus ⓘ
surface form: Thomas Robert Malthus
hasKeyText An Essay on the Principle of Population ⓘ
Principles of Political Economy ⓘ
surface form: Principles of Political Economy (John Stuart Mill)

On the Principles of Political Economy and Taxation ⓘ
surface form: Principles of Political Economy and Taxation

The Wealth of Nations ⓘ
influenced Austrian School of economics ⓘ
surface form: Austrian School

Marxian economics ⓘ
neoclassical economics ⓘ
influencedBy British political economy ⓘ
Scottish Enlightenment ⓘ
originatedInPeriod late 18th century ⓘ
supportsPolicy free trade policies ⓘ
minimal government intervention in markets ⓘ
protection of private property rights ⓘ
timeOfProminence late 18th century to mid-19th century ⓘ
usesAssumption competitive markets ⓘ
flexible prices and wages ⓘ
rational self-interested individuals ⓘ
viewsGovernmentRoleAs limited ⓘ

Referenced by (7)

Full triples — surface form annotated when it differs from this entity's canonical label.

Principles of Political Economy → criticizes → classical economics ⓘ
this entity surface form: Say's Law
David Ricardo → hasConceptNamedAfter → classical economics ⓘ
this entity surface form: Ricardian trade theory
Principles of Political Economy → mainSubject → classical economics ⓘ
this entity surface form: Say's Law
Adam Smith → movement → classical economics ⓘ
Thomas Tooke → movement → classical economics ⓘ
this entity surface form: Classical economics
this entity surface form: Ricardian economics
Book V: Of the Influence of Government → workIn → classical economics ⓘ