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Capitalism. Classical economics, classical political economy, or Smithian economics is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid-19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill.
First published in 1776, the book offers one of the world's first connected accounts of what builds nations' wealth, and has become a fundamental work in classical economics. This is the first formulation of a comprehensive system of political economy. [ 1 ]
Classical economist David Ricardo's labor theory of value holds that the value of a good (how much of another good or service it exchanges for in the market) is proportional to how much labor was required to produce it, including the labor required to produce the raw materials and machinery used in the process.
In classical economics, Say's law, or the law of markets, is the claim that the production of a product creates demand for another product by providing something of value which can be exchanged for that other product. So, production is the source of demand. In his principal work, A Treatise on Political Economy (Traité d'économie politique ...
Comparative advantage in an economic model is the advantage over others in producing a particular good. A good can be produced at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to trade. [1] Comparative advantage describes the economic reality of the gains from trade for individuals, firms, or ...
t. e. Adam Smith FRS FRSE FRSA (baptised 16 June [O.S. 5 June] 1723 [1] – 17 July 1790) was a Scottish [a] economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. [3] Seen by some as "The Father of Economics" [4] or "The Father of Capitalism", [5] he wrote two classic ...
OCLC. 62532514. The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, [1] giving macroeconomics a central place in economic theory and contributing much of its terminology [2] – the "Keynesian Revolution".
Physiocracy (French: physiocratie; from the Greek for "government of nature") is an economic theory developed by a group of 18th-century Age of Enlightenment French economists who believed that the wealth of nations derived solely from the value of "land agriculture" or "land development" and that agricultural products should be highly priced. [1]