Topic:
Classical Economic Theory
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Classical Economic Theory
Answers to Common Questions
Classical economic theory: Claims that leaving individuals to make free choices in a free market results in the best allocation of scarce resources within an economy and the optimal level of satisfaction for individuals.
Mill's recantation of the wages-fund doctrine and the subsequent confusion that it caused in the ranks of the classical orthodoxy is but one factor among a host of other possible explanations for the decline of classical economics. The rise...
The theoretical method of English classical economics is traced to the Enlightenment's struggle to resolve the disputes between rationalism and antirationalism. In an attempt to resolve these disputes, many Enlightenment authors sought to u...
Answers to Other Common Questions
If by classical economics you mean Adam Smith, David Ricardo, John Stuart Mill, and Alfred Marshall, then yes, they are antiquated in several areas. However, Keynesianism and Monetarism are also out of date, because they both support the id...
http://answers.yahoo.com/question/index?qid=20091127092...
Marxist economic theory argued against the classical view that saw interest rates as a function of natural market forces, contending instead that interest was purely exploitative, because no service was rendered and it benefited only the ca...
http://qanda.encyclopedia.com/question/did-marxist-econ...
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http://ideas.repec.org/p/fth/tasman/1994-12.html
What it's doing is shifting the spending power from individuals to the govn't. So innovation / business creation may go down, -if folks think they can't keep what's theirs. Other than that, - it appears it's a closed system. Money is not le...
http://answers.yahoo.com/question/index?qid=20071218044...
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