- classical economics
- —classical economist.a system or school of economic thought developed by Adam Smith, Jeremy Bentham, Thomas Malthus, and David Ricardo, advocating minimum governmental intervention, free enterprise, and free trade, considering labor the source of wealth and dealing with problems concerning overpopulation.
* * *classical economics,a school of economic thought developed by the Scottish political economist Adam Smith, which held as one of its tenets that, in free competition, each man in pursuit of his own prosperity would so act as to lead to the greatest economic prosperity of all, and hence that the less the government interfered with economic activities the better.
Useful english dictionary. 2012.
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