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economics
by surbhi raghuwanshi
,
Definitionofclassical economics. A school ofeconomicthought, exemplified by Adam Smith's writings in the 18th century, that states
that a change in supply will eventually be matched by a change in demand - so that theeconomyis always moving towards equilibrium..
List of classical
economists..
1.Adam smith
The ideas that became associated with Smith not only became the foundation of the classical
school of economics, but also gained him a place in history as the father of economics. His work
served as the basis for other lines of inquiry into the economics field, including ideas that built
on his work and those that differed.
In his Principles of
Says Law
4.David ricardo
David Ricardo(18 April 1772 11 September 1823) was a Britishpolitical economist. He was one
of the most influential of theclassical economists, along withThomas Malthus,Adam Smith, and
James Mill.[2][3]Perhaps his most important legacy is his theory ofcomparative advantage, which
suggests that a nation should concentrate its resources solely in industries where it
ismostinternationally competitive and trade with other countries to obtain products no longer
produced nationall
Classical
economics
{ says law}
_
_
Keynesian economics
macroeconomic activity.
Macroeconomic Equilibrium
The
An inverse relationship exists between the interest rate and the amount people borrow and
spend.
Wealth Effect
prices in an economy and spending on imports that diverts spending from domestically produced
output.