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Classical economics, also known as the classical school of economics, [1] or classical political economy, is a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. It includes both the Smithian and Ricardian schools. [2]
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a mutual perspective on the way economies function. While economists do not always fit within particular schools, particularly in the modern era, classifying economists into schools of thought is common.
In 1895 the London School of Economics (LSE) was founded by Fabian Society members Sidney Webb (1859–1947), Beatrice Webb (1858–1943), and George Bernard Shaw (1856–1950), joining the University of London in 1900. In the 1930s LSE member Sir Roy G.D. Allen (1906–1983) popularized the use of mathematics in economics.
This was known as "eighth grade school" [37] After 1900, some cities began to establish high schools, primarily for middle class whites. In the 1930s roughly one fourth of the US population still lived and worked on farms and few rural Southerners of either race went beyond the 8th grade until after 1945.
This began to change in the mid-19th century, as thousands of the more ambitious scholars at major schools went to Germany for one to three years to obtain a Doctor of Philosophy (PhD) in the sciences or the humanities. [54] [55] Graduate schools slowly emerged in the United States. In the 1860s and 1870s, Yale and Harvard awarded a few PhD's.
Trump’s connection to Wharton has been a significant part of his public persona. He started his college education at Fordham University in the Bronx in 1964 but transferred to Wharton two years ...
The Austrian School of economics began with Carl Menger's 1871 Principles of Economics. Menger's followers formed a distinct group of economists until around World War II , when the distinction between Austrian economics and other schools of thought had largely broken down.
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