It is the first important school of economic thought, which included some of the best known economists of all times, as we will see. Thanks to these authors, the study of economics became more of a science, instead of just a kind of philosophy. It took place from the late 18th century to the late 19th century. First, we will learn about some relevant previous doctrines, which will help us understand were the theories of classical economists come from.
Previous doctrines:
Mercantilism, main economic doctrine from 1500 to 1750, according to which protectionism had to be in place in order to accumulate gold and precious metals.
Physiocracy, developed exclusively in France from 1750 to 1780, aimed at the study of natural laws in order to understand economics and apply proper economic policies.
Main classical economists:
Adam Smith, considered the father of Classical economics, he wrote “The Wealth of Nations” in 1776, one of the first important books in economics.
David Ricardo, whose works on international trade marked the start of the study of this subject basing it on models.
Robert Malthus, is mainly known for his views on population growth.
John Stuart Mill, studied the determination of prices as a result of supply and demand.
Karl Marx, whose views on theory of value marks a difference with the other classical economists.
