classical economists


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classical economists

the major economic theorists, including Adam SMITH, Thomas MALTHUS, David Ricardo, John Stuart MILL, who, in the late 18th and early 19th centuries were responsible for the foundation of modern ECONOMICS. The classical economists analysed the working of the capitalist economy as the outcome of the economic interaction of landowners, capitalists and labour. Thus, the early economists were involved in a form of CLASS analysis which remains central to modern sociology, especially as the result of the work of MARX (see also MARXIAN ECONOMICS). Subsequently, with the ‘marginalist revolution’ in economics from the 1870s onwards (see NEOCLASSICAL ECONOMICS), development of the paths of sociology and mainstream economics tended to diverge, and economics became associated with the conduct of economic analysis in terms of the behaviour of abstract individuals (see also POLITICAL ECONOMY, ECONOMIC SOCIOLOGY, INSTITUTIONAL ECONOMICS).
References in periodicals archive ?
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.
Classical economists 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.