In my first appraisal text from the 1970s, I remember an in-depth discussion of all the classical economists
as a basis for value theory.
For example, I was surprised at the antipathy that many pro-free market classical economists
have had toward any level of public debt.
Like classical economists
, he believed human beings are rational.
Far from an invention of Corbyn's Labour Party, it dates back well before Marx to at least the 18th century classical economists
, Adam Smith and David Ricardo - hardly proto-Marxists.
This standpoint, which is that of the old classical economists
from Adam Smith to David Ricardo, has been submerged and forgotten since the advent of the 'marginal' method.
So, a human community became for Hobbes and his followers, many of them classical economists
who favored free markets, a collection of self-sufficient individuals.
And if that happens, many of us will find ourselves agreeing with the economist John Maynard Keynes who expressed his frustration with the classical economists
who would not advise their governments to intervene with stimulus in order to speed up economic recovery after the Great Depression which happened between 1920 and 1929.
believe that economic value, which is the basis for all discussions pertaining to markets and prices, was determined by the costs of the factors needed to produce the good in question.
For instance, both sides generally believe the Scholastics warrant further attention for their founding role in economics, while the British classical economists
merit at least some criticism for leading it astray.
The great classical economists
, especially Adam Smith and David Ricardo, recognized three factors of production: land, labor, and capital.
It destroyed the view classical economists
had of their science" (ibid).
While the classical economists
generally supported what Adam Smith described as the "system of natural liberty," those economists also weighed in on numerous issues of public discussion.