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According to the passage, which economists are considered as the pillars of classicism?
According to the passage, which economists are considered as the pillars of classicism?
- Adam Smith, Thomas Malthus, and John Stuart Mill (correct)
- Adam Smith, David Ricardo, and John Maynard Keynes
- John Maynard Keynes, David Ricardo, and Thomas Malthus
- Adam Smith, Karl Marx, and Alfred Marshall
What does the term 'classic' refer to in the economic literature according to the passage?
What does the term 'classic' refer to in the economic literature according to the passage?
- The teachings of Marshall and his followers
- The economic writings of Adam Smith and J.S. Mill (correct)
- The original work that preceded
- The economic writings of Karl Marx and Friedrich Engels
Which economists are associated with the classical school of thought according to the passage?
Which economists are associated with the classical school of thought according to the passage?
- Adam Smith, Ricardo, Malthus, and J.S. Mill (correct)
- Karl Marx, Alfred Marshall, and John Maynard Keynes
- David Ricardo, Alfred Marshall, and Friedrich Engels
- Karl Marx, Friedrich Engels, and Adam Smith
Who is regarded as the Father and leader of the British classical school according to the passage?
Who is regarded as the Father and leader of the British classical school according to the passage?
What is the time period for which the term 'classical school' refers to according to the passage?
What is the time period for which the term 'classical school' refers to according to the passage?
What are the three meanings conveyed by the word 'classic' in economic literature according to the passage?
What are the three meanings conveyed by the word 'classic' in economic literature according to the passage?
According to the passage, the classical economists believed in:
According to the passage, the classical economists believed in:
What is the significance of Adam Smith in the history of economic thought?
What is the significance of Adam Smith in the history of economic thought?
What was the classical economists' view on the role of the government?
What was the classical economists' view on the role of the government?
According to the passage, what did classical economists assume about the economy?
According to the passage, what did classical economists assume about the economy?
What did classical economists emphasize about economic laws?
What did classical economists emphasize about economic laws?
Who is regarded as the 'father of Political Economy'?
Who is regarded as the 'father of Political Economy'?
What was the approach of classical economists towards economic growth and development?
What was the approach of classical economists towards economic growth and development?
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Study Notes
Pillars of Classicism
- Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill are considered the pillars of classicism.
Definition of 'Classic'
- In economic literature, the term 'classic' refers to a set of economic ideas and theories developed during the 18th and 19th centuries.
Classical School of Thought
- Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill are associated with the classical school of thought.
Father of the British Classical School
- Adam Smith is regarded as the Father and leader of the British classical school.
Time Period of the Classical School
- The term 'classical school' refers to the period from 1776 to 1848.
Meanings of 'Classic' in Economic Literature
- The word 'classic' in economic literature conveys three meanings: • A set of economic ideas and theories developed during the 18th and 19th centuries. • A sense of excellence and timelessness. • A particular approach to economic analysis.
Beliefs of Classical Economists
- Classical economists believed in the concept of laissez-faire, which means minimal government intervention in the economy.
- They believed that economic laws are natural and universal, and that the economy has a natural tendency towards full employment.
Significance of Adam Smith
- Adam Smith is significant in the history of economic thought because of his contribution to the development of modern economic theory.
Role of Government
- Classical economists believed that the government should have a minimal role in the economy, and that its primary function is to protect private property and maintain law and order.
Assumptions of Classical Economists
- Classical economists assumed that the economy is always at full employment, and that there is a natural tendency towards full employment.
Emphasis on Economic Laws
- Classical economists emphasized that economic laws are natural and universal, and that they can be discovered through observation and deduction.
Father of Political Economy
- Adam Smith is regarded as the 'father of Political Economy'.
Approach to Economic Growth and Development
- Classical economists approached economic growth and development through the concept of laissez-faire, which means minimal government intervention in the economy.
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