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.
The great classical economists
, especially Adam Smith and David Ricardo, recognized three factors of production: land, labor, and capital.
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.
He complained that classical economists
had discussed the nature of recession in real terms and then brought in money only at the very end.
The treatment of competition as free competition by the classical economists
, Marx and Marshall is a different matter.
In money, the classical economists
were Public Choice theorists before the formal development of that theory.
Capital in the Twenty-First Century" has reignited economists' interest in the dynamics of wealth and its distribution -- a topic that preoccupied classical economists
such as Adam Smith, David Ricardo and Karl Marx.
According to the classical economists
, workers got wages, capitalists got profits on the capital they invested, and the owners of natural resources got rents.
A defender of eugenics and an advocate of Prohibition, Fisher hailed "the change from extreme laissez faire doctrines of the classical economists
to the modern doctrines of governmental regulation and social control.
The new classical economists
rarely mentioned aggregate demand and downplayed the possibility that a plunge in aggregate demand could generate a recession or that the cure for a recession would involve public policy that would raise aggregate demand.
As to the second point, Dooyeweerd rejects the views of the French Physiocrats, English Classical economists
, Austrian school, and German historical school, which respectively depict economic laws as natural laws, mathematical equations, and ideal-typical rules.
The neoclassical economists, whom Keynes in the General Theory incorrectly, but cleverly, labeled as classical economists
, had always admitted that economies could go through recessions or even depressions.