Psychology 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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Adam Smith on Classical Economics - Dictionary of Arguments
Mause I 39 Classical Economy/Adam Smith: Adam Smith (1723-1790) founded the classical school of economics or (old) political economy with his major work "An Inquiry into the Nature and Causes of the Wealth of Nations" (Smith 1776). >Political economy. The focus was on pricing and income distribution, longer-term economic development and the general I 40 economic policy orientation. Economy and politics are considered to be closely, inextricably linked. Smith based his economic studies on mercantilistic and physiocratic findings on the one hand, and on direct precursors such as David Hume (1711-1776) or Bernard de Mandeville (1670-1733) on the other. >Physiocracy, >Physiocrats, >D. Hume. From the former he adopted the pragmatic, utilitarian philosophy, according to which human behavior is not to be judged absolutely, but rather according to the extent to which it promotes human happiness, as well as the quantity theory of money, according to which changes in the money supply have no real, but only price effects in the longer term. The latter and its "Fable of the Bees" (Mandeville 1723) is the origin of the famous "Invisible Hand" argument in favour of free competition._____________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. |
EconSmith I Adam Smith The Theory of Moral Sentiments London 2010 EconSmithV I Vernon L. Smith Rationality in Economics: Constructivist and Ecological Forms Cambridge 2009 Mause I Karsten Mause Christian Müller Klaus Schubert, Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018 |
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> Counter arguments against Smith
> Counter arguments in relation to Classical Economics
