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Classical liberalism is a political tradition and a branch of liberalism that advocates free market and laissez-faire economics and civil liberties under the rule of law, with special emphasis on individual autonomy, limited government, economic freedom, political freedom and freedom of speech. [1]
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]
Economic liberalism is a much broader concept than fiscal liberalism, which is called fiscal conservatism or economic libertarianism in the United States. [12] The ideology that highlighted the financial aspect of economic liberalism is called fiscal liberalism, which is defined as support for free trade .
One motivation for the development of policies designed to mitigate the volatility of capitalist free markets was a desire to avoid repeating the economic failures of the early 1930s, which have been attributed, in part, to the economic policy of classical liberalism.
Milton Friedman (United States, 1912–2006), winner of a Nobel Prize in Economics and a self-identified Classical Liberal and libertarian, [50] was known for the Friedman rule, Friedman's k-percent rule, and the Friedman test. Some literature: Capitalism and Freedom, 1962; A Monetary History of the United States, 1963; Free to Choose, 1980
In the following year he was introduced to political economy and studied Adam Smith and David Ricardo with his father, ultimately completing their classical economic view of factors of production. Mill's comptes rendus of his daily economy lessons helped his father in writing Elements of Political Economy in 1821, a textbook to promote the ...
With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism until the mid-1970s, when it turned to new classical macroeconomics heavily based on ...
Classical liberalism is a political tradition and a branch of liberalism that advocates free market and laissez-faire economics and civil liberties under the rule of law, with special emphasis on individual autonomy, limited government, economic freedom, political freedom and freedom of speech. [41]