Economics Dictionary of ArgumentsHome
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| Classical economics: Classical economics is a school of thought in political economy that originated in the late 18th century and flourished in Britain until the mid-19th century. It emphasizes the self-regulating nature of markets, advocating for minimal government intervention and free competition. Key figures include Adam Smith, David Ricardo, and John Stuart Mill. See also A. Smith, D. Ricardo, J. St. Mill._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Economic Theories on Classical Economics - Dictionary of Arguments
Kurz I 15 Physiocracy/classical economics/economic theories/Kurz: Input–output analysis has its roots in the classical economists from William Petty via Richard Cantillon and the Physiocrats to Robert Torrens and David Ricardo and to authors working in the classical tradition, such as Karl Marx, Vladimir K. Dmitriev, Ladislaus von Bortkiewicz and Georg von Charasoff. >Physiocrats, >D. Ricardo, >K. Marx. The arguably most important and closely intertwined features of the starting point of the classical approach to the theory of production, distribution and value are the following. (1) Production consists essentially in a transformation of matter and energy into other forms of matter and energy; this process is subject to the laws of science (especially physics, chemistry and biology). (2) Production involves destruction, and the real cost of a commodity consists first and foremost in the commodities necessarily destroyed in the course of its production. This leads to the concept of physical real cost. (3) For the reason just given there is no such thing as production carried out by unassisted labour: it is impossible to produce something out of nothing. (4) Production is essentially a circular flow: commodities are produced by (means of) commodities. (5) Production typically generates a social surplus. The surplus refers to those quantities of the different commodities that are left over after the necessary means of production are used up and the means of subsistence in the support of labourers have been deducted from the gross outputs produced during a year. >Production theory, >Costs. Kurz I 16 Kurz/Salvadori: Without too much of an exaggeration one can indeed say that in their analyses the classical economists tried to respect what nowadays are known as the laws of thermodynamics. >Entropy. Feature (5) raises a number of important issues and is the source of major conceptual and analytical problems that constituted (and still constitute) formidable stumbling blocks to economists. First, in systems characterized by the conservation of matter (and energy) the question is, in what sense is it possible to have a surplus? Second, once this question is satisfactorily answered, Kurz I 17 how is this surplus distributed amongst different claimants, and what are the implications of different distributions with respect (a) to the properties of the given system of production in use and (b) the forces at work that transform the system over time? The former problem leads directly to the classical analysis of the relationship between income distribution and relative prices, the latter to the analysis of the relationship between income distribution on the one hand and capital accumulation and economic growth and development on the other. >Value, >Economic growth, >Price, >Income, >Distribution/Leontief, >Distribution/Sraffa. Heinz D. Kurz and Neri Salvadori 2015. „Input–output analysis from a wider perspective. A comparison of the early works of Leontief and Sraffa“. In: Kurz, Heinz; Salvadori, Neri 2015. Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). London, UK: Routledge._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Economic Theories Kurz I Heinz D. Kurz Neri Salvadori Revisiting Classical Economics: Studies in Long-Period Analysis (Routledge Studies in the History of Economics). Routledge. London 2015 |
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