Peart and Levy argue that the classical economists
, as supporters of analytical egalitarianism, viewed all individuals as worthy of sympathy, while the post-classical economists, as supporters of analytical hierarchism, viewed those individuals who they believed were innately inferior as sufficiently unfit and parasitical to be unworthy of sympathy.
The second more important issue is whether those words are an accurate summary statement of the conclusions classical economists
wished to draw.
From the time of Ricardo the classical economists
have taught that supply creates its own demand; - which is taken to mean that the rewards of the factors of production, must, directly or indirectly, create in the aggregate an effective demand exactly equal to the costs of the current supply, i.e.
These themes are contrasted and complemented in Sandra Peart's and David Levy's chapter on post-Ricardian British economics, which focuses on the challenge to classical economics from 'progressives' as well as the common elements that united the great classical economists
in 1830, but which tended to shrink as the century progressed.
Ebeling evaluates views other than Carlyle's in the essay, 'How economics became the dismal science: the classical economists
and twentieth-century economics'.
Identifying the beginning of classical political economy with the Physiocrats and its close with the work of Karl Max (as done by Denis O'Brien in his 1975 book, The Classical Economists
) is another approach to defining this group of economists.
However, such a complex and longstanding topic as taxes, which has been addressed by classical economists
, is gaining new meaning.
For example, the late George Stigler, one of the respected neoclassical or classical economists
, and the 1982 Nobel laureate in economics for his research on deregulation and government control policies, called economics an 'imperial science.'
Irwin traces the origins of the free trade doctrine from premercantilist times up to Smith and the classical economists
There's an old law in economics called Say's Law that states: 'Supply creates its own demand.' Jean-Baptiste Say, the 19th-century French economist to whom the principle is attributed, didn't actually use those words, but wrote: 'A product is no sooner created, than it, from that instant, affords a market for other products to the full extent of its own value.' Classical economists
throughout the 19th century believed in the principle, until John Maynard Keynes turned it around in the 1930s, arguing that raising demand was the key to get out of the Great Depression.
believed that the real rate of the economy in the long run was determined by real fundamentals, like productivity, intertemporal preferences and demographics.
The Classical model of some of the leading classical economists
shows that capitalists accumulate greater and greater amounts of capital while labor is held at subsistence.