Net Economics #Classical Economists and their work# Economic theory

 Net Economics #Classical Economists and their work# Economic theory

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Classical economics, also known as classical political economy, is a school of economic thought that emerged in the late 18th and early 19th centuries. It laid the foundation for modern economics and was dominant until the late 19th century. Classical economists focused on understanding the mechanisms of economic growth, production, and distribution of goods and services in market economies

significant contributions and the years in which they were active:

Adam Smith (1723-1790):

Major Work: "The Wealth of Nations" (1776)

Contributions: Smith is often referred to as the father of economics. In "The Wealth of Nations," he introduced the concept of the invisible hand, arguing that individuals pursuing their own self-interest in a free market economy unintentionally promote the general welfare. He also discussed the division of labor, productivity, and the role of markets in allocating resources efficiently.

David Ricardo (1772-1823):

Major Work: "Principles of Political Economy and Taxation" (1817)

Contributions: Ricardo expanded on Smith's work, particularly in the areas of distribution and international trade. He introduced the theory of comparative advantage, which explains why countries benefit from specializing in the production of goods in which they have a lower opportunity cost.

Thomas Malthus (1766-1834):

Major Work: "An Essay on the Principle of Population" (1798)

Contributions: Malthus is best known for his theory of population growth. He argued that population tends to grow exponentially while the food supply grows arithmetically, leading to the inevitable checks of famine, disease, and war unless birth rates are controlled. His ideas had significant implications for understanding economic development and social policy.

Jean-Baptiste Say (1767-1832):

Major Work: "A Treatise on Political Economy" (1803)

Contributions: Say is known for Say's Law, which states that supply creates its own demand. He emphasized the role of production and argued against the possibility of general overproduction or excess supply in an economy. Say's Law became a cornerstone of classical economic thought.

John Stuart Mill (1806-1873):

Major Work: "Principles of Political Economy" (1848)

Contributions: Mill synthesized and expanded upon the ideas of earlier classical economists. He delved into topics such as the distribution of income, the role of government in the economy, and the labor theory of value. Mill's work helped to solidify classical economic theory in the 19th century.

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