Summary
This is the first important school of economic thought, which included some of the best known economists of all times. 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.Previous doctrines:
Classical economists:
- Adam Smith
- David Ricardo
- Robert Malthus
- J. S. Mill
- Karl Marx
Ricardo, an English economist (1772-1823), from Dutch-Sephardi origins, became rich at a very young age on the stock market and devoted the rest of his life to the study of mathematics and natural sciences and, from 1799, Economics. He became known with his pamphlet “The high price of bullion” on economic issues, and ended his work with his “Principles of Political Economy and Taxation.” Ricardo took the major step in the process of deductive abstraction of what later became known as the Classical school of economics in the path initiated by Adam Smith. His theories of comparative advantage, which were firstly stated in 1815 by Col. Robert Torrents (Ricardian trade theory), rent of land (Ricardian distribution theory) and the steady state, were some of their major contributions to economic science.
