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Text File  |  1992-09-02  |  792b  |  21 lines
  1. School of economic thought that dominated
  2. 19th-century thinking. It originated with
  3. Adam Smith's The Wealth of Nations 1776,
  4. which embodied many of the basic concepts and
  5. principles of the classical school. Smith's
  6. theories were further developed in the
  7. writings of John Stuart Mill and David
  8. Ricardo. Central to the theory were economic
  9. freedom, competition and laissez faire
  10. government. The idea that economic growth
  11. could best be promoted by free trade,
  12. unassisted by government, was in conflict
  13. with mercantilism. The belief that
  14. agriculture was the chief determinant of
  15. economic health was also rejected in favour
  16. of manufacturing development, and the
  17. importance of labour productivity was
  18. stressed. The theories put forward by the
  19. classical economists still influence
  20. economists today.
  21.