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Topic: Classical economists


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In the News (Tue 25 Jun 19)

  
 [No title]
In the conviction of the inadequacy of the classical political economy, the Austrian economists and the adherents of the historical school agree.
To be sure, the classical economists well knew to what point all their explanations must be traced - to the care of mankind for its own well-being, which, undisturbed by the incursion of altruistic motives, is the ultimate motive-force of all economic action.
The classical economists are excusable for having neglected it.
socserv2.socsci.mcmaster.ca /econ/ugcm/3ll3/bawerk/austrian   (5945 words)

  
  Classical economics - Wikipedia, the free encyclopedia
The Classical economists took the theory of the determinates of the level and growth of population as part of Political Economy.
In contrast to the Classical theory, the determinants of the neoclassical theory of value - (1) tastes, (2) technology, and (3) endowments are seen as exogenous to neoclassical economics.
Ironically, considering the attachment of many classical economists to the free market, the largest school of economic thought that still adheres to classical forms is the Marxian school.
en.wikipedia.org /wiki/Classical_economics   (690 words)

  
 Austrian School - Wikipedia, the free encyclopedia   (Site not responding. Last check: 2007-10-16)
Austrian economists developed a sense of themselves as a school distinct from neoclassical economics during the economic calculation debate, with Ludwig von Mises and Friedrich von Hayek representing the Austrian position, where they contended that without monetary prices or private property meaningful economic calculation was impossible.
Neo-classical economists have replies to each of the Austrian objections, which is why, while specific results of Austrian economics have been adopted by mainstream theory, as a whole, the paradigmatic assumption that economics should rest on deduction from principles rather than induction from observation has been largely rejected.
Austrian economists reject observation as a tool applicable to economics, saying that while it is appropriate in the natural sciences where factors can be isolated in laboratory conditions, acting human beings are too complex for this treatment.
www.peekskill.us /project/wikipedia/index.php/Austrian_school   (1855 words)

  
 Learn more about Neoclassical economics in the online encyclopedia.   (Site not responding. Last check: 2007-10-16)
Neoclassical economists define economics as the study of the allocation of scarce resources among alternative ends.
He, in turn, was influenced by the Austrian School economist Friedrich Hayek's move to the London School of Economics, where Hicks then studied.
Economists, however, have continued to use highly mathematical models, and many equate neoclassical economics with economics, unqualified.
www.onlineencyclopedia.org /n/ne/neoclassical_economics.html   (1712 words)

  
 The Classical Economists on Gold - Mises Institute
Classical economists thus rejected inconvertible paper money from the very beginning, because they thought it was lacking the most important attribute a thing must possess in order to be used as money, namely it was lacking value.
The classical liberals were aware of, and disclosed in their writings, all the imperfections of paper currency; Ricardo did not omit even the uncertainty as to the future interest on public and private debts, potentially paid in a money of lower exchange value.
Although the early classical economists realized that paper money vests its issuer with the power to destroy contract engagements and individual fortunes, they did not really recognize the institution that is most interested in capturing the opportunity to provide an economy with a medium of exchange.
www.mises.org /story/1152   (1457 words)

  
 The Classical Economists on Gold
Classical economists thus rejected inconvertible paper money from the very beginning, because they thought it was lacking the most important attribute a thing must possess in order to be used as money, namely it was lacking value.
The classical liberals were aware of, and disclosed in their writings, all the imperfections of paper currency; Ricardo did not omit even the uncertainty as to the future interest on public and private debts, potentially paid in a money of lower exchange value.
Although the early classical economists realized that paper money vests its issuer with the power to destroy contract engagements and individual fortunes, they did not really recognize the institution that is most interested in capturing the opportunity to provide an economy with a medium of exchange.
www.gold-eagle.com /gold_digest_03/gertchev020103.html   (1132 words)

  
 Sample Chapter for O'Brien, D.P.: The Classical Economists Revisited.
Delineation of the period during which Classical economics developed as a body of thought, came to be the ruling approach to economics, ultimately experienced a measure of stagnation and decay, and was finally supplanted by the young and vigorous development of neo-Classical economics in the "Marginal Revolution," is however a good deal less easy.
One of the most important distinguishing characteristics of the Classical economists is that they formed, educationally and professionally, a remarkably good cross-section of the educated classes of their age.
V. What the Classical economists wrote and believed, the body of ideas they developed, was influenced to a considerable extent by the discussion of those ideas within their community.
www.pup.princeton.edu /chapters/s7829.html   (8001 words)

  
 Spartanburg SC | GoUpstate.com | Spartanburg Herald-Journal
The Classical economists took the theory of the determinants of the level and growth of population as part of Political Economy.
British classical economists in the 19th century had a well-developed controversy between the Banking and the Currency school.
One issue is whether classical economics is a forerunner of neoclassical economics or a school of thought that had a distinct theory of value, distribution, and growth.
www.goupstate.com /apps/pbcs.dll/section?category=NEWS&template=wiki&text=classical_economists   (1326 words)

  
 Classical economics - Information from Reference.com
Classical economics is widely regarded as the first modern school of economic thought.
Classical economists reoriented economics away from an analysis of the ruler's personal interests to a class-based interest.
Ironically, considering the attachment of many classical economists to the free market, the largest school of economic thought that still adheres to classical form is the Marxian school.
www.reference.com /search?q=Classical+economics   (1330 words)

  
 Paul, Laissez Faire in Nineteenth-Century Britain, Fact or Myth?: Library of Economics and Liberty
With few exceptions, the Classical economists' deviations from pure laissez faire are praised as examples of their pragmatism, rather than condemned as departures from sound public policy.
While the Classical economists tolerated, and indeed encouraged, repeated governmental interventions to cure perceived social and economic ills, noninterventionism remained, to a greater or lesser extent depending upon the quirks of each particular economist, the regnant principle, and any departures from it required elaborate justification.
If the Classical economists' attitudes towards state intervention into the economy are to be rightly understood, we must delve beneath the surface of their various stands on such salient issues of their time as the poor laws and the factory acts to the more fundamental level of their metaphysical and moral presuppositions.
www.econlib.org /LIBRARY/Essays/LtrLbrty/fplLNB1.html   (6055 words)

  
 Classical economists   (Site not responding. Last check: 2007-10-16)
Classical economics tended to stress the benefits of trade, an analysisorganized around the naturalprice of commodities, and either the cost of production theory of value or the labor theory of value.
Ironically, considering the attachment of many classical economists to the free market, thelargest school of economic thought that still adheres to classical forms is the Marxist school.
It is more likely due to the fact that the marginalist or neoclassical theories omit major empirical aspects of capitalism that Marxian political economists perceive, such as capitalist domination and exploitation of theworking class and economic crises.
www.therfcc.org /classical-economists-55819.html   (367 words)

  
 The Classical Economists Revisited | Book Reviews | EH.Net
Chapter one on "The Classical Economic Stage" gives an overview of the authors whose contributions are discussed in the core chapters and their educational and professional backgrounds.
However, O'Brien emphasizes that Classical authors posed the issues in the context of growth whereas neoclassical analysis focused on static analysis leaving much of the dynamic aspects to be "rediscovered" in recent decades.
The Classical debates on the effects of machinery and the possibility of gluts are covered in the next section.
www.eh.net /bookreviews/library/0907.shtml   (2319 words)

  
 Economics - Internet-Encyclopedia.com   (Site not responding. Last check: 2007-10-16)
Economists study human behavior and welfare as a relationship between scarce means (which have other uses) and socially required ends.
The labor theory of value and the closely related cost-of-production theory of value dominates the work of most classical economists, but they are far from the only accepted basis for "value".
One way economists deal with this is to qualify discussions of economic choice by noting that "all else being equal..." referring to moral or social factors that are supposedly held equivalent for all choices that one might make.
www.internet-encyclopedia.com /ie/e/ec/economics_1.html   (4916 words)

  
 Classical economics -- Facts, Info, and Encyclopedia article   (Site not responding. Last check: 2007-10-16)
Classical economics is a school of (Click link for more info and facts about economic thought) economic thought whose major developers include (Click link for more info and facts about William Petty) William Petty, (Scottish economist who advocated private enterprise and free trade (1723-1790)) Adam Smith,
Classical economics tended to stress the benefits of (The skilled practice of a practical occupation) trade.
Ironically, considering the attachment of many classical economists to the free market, the largest school of economic thought that still adheres to classical forms is the (An advocate of Marxism) Marxist school.
www.absoluteastronomy.com /encyclopedia/c/cl/classical_economics.htm   (582 words)

  
 HES: RVW -- Allgoewer on O'Brien, _The Classical Economists Revisited_
With _The Classical Economists Revisited_, Denis O'Brien, emeritus at the University of Durham, has provided a revised edition of his _The Classical Economists_ published in 1975 by Clarendon Press.
This allows him to discuss the extent to which their contributions can be seen as emerging from "a scientific community." Chapter 2 on "The Roots of Classical Economics" surveys intellectual influences from philosophy and pre-classical economic writings and inspiration taken from historical developments such as population growth or industrialization.
Classical contributions to policy controversies beyond the domestic sphere are taken up in the sections on "Policy for Ireland" and "Colonies and Colonial Policy." The final chapter entitled "Classical Economics: A Retrospect" aims at an overall evaluation.
www.eh.net /pipermail/hes/2005-March/002913.html   (2346 words)

  
 Economist Jokes
A mathematical economist came sailing by on an ice boat, and pulled to the shore beside the surf-fishing economist to scoff.
Killing of economists with a vehicle is prohibited.
It is unlawful to chase, herd, or harvest economists from limousines, Mercedes Benz's, the Metro, or Porsches.
netec.mcc.ac.uk /JokEc.html   (12337 words)

  
 Mic 1.3
One reason why many economist insist on the term human capital is because the intellectual results of creative labour as employees belongs to the employer, that is to the capitalist.
Classical economists made no distinction between the manager and the entrepreneur, the person who brings together land, labour, and capital and puts them to work.
When the authors demonstrated that in most American corporations the owners (that is, the stockholders) played no direct role in the management of the concern and that the managers generally had insignificant holdings of stock, it became apparent that theories of entrepreneurial behaviour had little to contribute to the understanding of the behaviour of managers.
members.shaw.ca /elementaleconomics/mic_1_3.htm   (2332 words)

  
 Marx’s Critique of Classical Economics
For Marx’s considerable respect for the classical economists should not blind us to the fact that he saw in them a series of weaknesses which were to prove fatal.
Classical political economy seeks to reduce the various fixed and mutually alien forms of wealth to their inner unity by means of analysis and to strip away the form in which they exist independently alongside one another.
Classical economy is not interested in elaborating how the various forms come into being, but seeks to reduce them to their unity by means of analysis, because it starts from them as given premises.
www.marxists.org /archive/pilling/works/capital/geoff1.htm   (5315 words)

  
 Classical and Keynes, Quiz 1   (Site not responding. Last check: 2007-10-16)
A. both the classical economists and the Keynesians.
B. neither the classical economists nor the Keynesians.
Classical economists believed that the level of private investment depended solely on ________, while Keynes believed that investment also depended on ___________.
www.cat.cc.md.us /~ryentzer/OnLineQuizzes/Quiz10a.htm   (495 words)

  
 mac_ch14.html   (Site not responding. Last check: 2007-10-16)
Classical economists believe that the economy always tends toward full employment.
During the hey-day of classical theory, the economies that counted (European colonial powers and the US) were on a gold or silver standard (or both, in case of the US).
The new classical economists are more recent than the "constant money supply growth" economists.
carbon.cudenver.edu /~eherr/mac_ch14.html   (2522 words)

  
 Sandra J. Peart, David M. Levy, Happiness, Progress and the Vanity of the Philosopher: Library of Economics and Liberty
In this essay we explore the contrasting positions of Classical economists and later biologists on foresight, competition and the perfectibility of man. Classical economics and Darwinian natural selection are fundamentally different.
Malthus's views here are in keeping with the Classical economists' aversion to the vulgarity of racial explanations for the failure of societies to develop.
Late in the nineteenth century, when natural selection was applied to humans, a sustained conflict occurred between the theory of the scientists (post Classical economists and socio-biologists) and those of the agents under study.
www.econlib.org /library/Columns/y2005/PeartLevymalthus.html   (3669 words)

  
 The Classical Ricardians
At the core of the "Classical Ricardian" School was the trio of true disciples -- James Mill, J.R. McCulloch and Thomas de Quincey.
It was in an effort to stop economics from becoming a mish-mash of theories that John Stuart Mill (1848) wrote his famous textbook, restating the Ricardian Classical doctrines fully and explicitly.
This counter-revolution didn't happen, but there was a revival of interest and research in the Classical Ricardian tradition which continues to progress today under the banner of the "Neo-Ricardian" school.
cepa.newschool.edu /het/schools/ricardian.htm   (1383 words)

  
 Introduction to (Neo-) Classical Economists [Virtual Economy]
The term 'Classical' refers to work done by a group of economists in the 18th and 19th centuries.
The Classical economists on whom we have focused on in the Virtual Economy are:
On each of these economists you will find some biographical details of their life and works, and a bit about the theories they developed or worked on.
bized.ac.uk /virtual/economy/library/economists/classical.htm   (97 words)

  
 Other Approaches   (Site not responding. Last check: 2007-10-16)
At the beginning of the reasonable dialog of economics, the leaders of the conversation were the "Classical Political Economists," who extended and followed the ideas of Adam Smith.
There are varieties of opinion among neoclassical and classical economists, and some of them might not agree 100% with the descriptions given here.
The concept of "classical economics" in this book is not meant to be a "fundamentalist" one, but rather a twenty-first century version of that 200-year old approach.
william-king.www.drexel.edu /top/prin/txt/intro/Eco112g1.html   (284 words)

  
 Thomas Carlyle on the Mammonism and the Classical Political Economists   (Site not responding. Last check: 2007-10-16)
The classical economists talk of poverty not as a lack of caring, or neglect of religious duty, but as a natural result of specific economic conditions.
The classical economists theories, would bypass what Thomas Carlyle would view as the brotherhood and sisterhood of man. Carlyle writes that "We have profoundly forgotten everywhere that Cash-payment is not the sole relation of human beings."(63) Moral responsibility to Carlyle is the obligation between all humans.
The classical economists also imply, in their writings, that anyone could succeed if they tried hard enough, and severe poverty is the person's own fault.
www.smokylake.com /Christy/concerns/carlylemammonism.htm   (793 words)

  
 O'Brien, D.P.: The Classical Economists Revisited.
The Classical Economists Revisited conveys the extent, diversity, and richness of the literature of economics produced in the period extending from David Hume's Essays of 1752 to the final contributions of Fawcett and Cairnes in the 1870s.
He shows that the Classical literature was in fact the work of a host of thinkers from a wide range of backgrounds.
A seminal contribution to the field, this book will be treasured for many years to come by economists, historians of economics, instructors and their students, and anyone interested in the sweeping breadth and enduring influence of the classical economists.
www.pup.princeton.edu /titles/7829.html   (385 words)

  
 The Classical Economists   (Site not responding. Last check: 2007-10-16)
The Classical Economists sells for $17.95 or save over $60 when ordering as part of the complete The Great Economic Thinkers series.
The classical economists pioneered a new way of thinking about the uniquely human tendency to produce, trade, consume, and accumulate.
Other classical economists, including James Mill, John Stuart Mill, and Nassau Senior, extended and refined classical economics to meet new controversies and ideas throughout the nineteenth century.
www.knowledgeproducts.net /clasec1.html   (185 words)

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