Classical Economics

Definition of Classical economics

Classic economics is recognized as the first modern school of economic thought. The concept of theory portrays the way markets and market economies function. On the primary stage, the study was related to the dynamics of economic growth. The theory puts stress on economic freedom and advocates the ideas of laissez-faire and free competition.

Books on Classical economics

Book 1 –

On Classical Economics By Thomas Sowell (published by Yale University Press, 2007)

Book 2 –

The Classical Economists Revisited By Denis Patrick O'Brien (published by Princeton University Press, 2004)

How Classical economics works?

The birth of classical economics which is an English school of economic thought comes alive during the late 18th century with famous economists includes Adam Smith, David Ricardo, Thomas Malthus and John Stuart Mill. The theories of the classical school led economic thinking in Great Britain until about 1870.

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