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Wednesday, 14 February 2018

The classical economists believed in

  By GK Planet Team       Wednesday, 14 February 2018
Q. The classical economists believed in

A. Free trade
B. Export and Import
C. policy
D. Industrial Commerce
Answer: Free trade

Q. Until the Great Depression, the dominant school of economic thought was____
A. classical economics
B. Keynesian economics.
C. supply-side economics.
D. monetarism
Answer: Classical Economics

Q. The classical economists believed in ___
A. strong government intervention
B. laissez-faire
C. rapid growth in the money supply
D. none of these
Answer: Laissez-faire

Laissez-faire is the belief that economies and businesses function best when there is no interference by the government. It comes from the French, meaning to leave alone or to allow to do. It is one of the guiding principles of capitalism and a free market economy.

Classical Economics

Classical economics or classical political economy (also known as liberal economics) is the first modern school of economic thought. Its main developers include Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Malthus and John Stuart Mill.

Adam Smith's The Wealth of Nations in 1776 is usually considered to mark the beginning of classical economics. The fundamental message in Smith's book was that the wealth of any nation was determined not by the gold in the monarch's coffers, but by its national income. This income was in turn based on the labour of its inhabitants, organized efficiently by the division of labour and the use of accumulated capital, which became one of classical economics' central concepts.

In terms of economic policy, the classical economists were pragmatic liberals, advocating the freedom of the market, though they saw a role for the state in providing for the common good. Smith acknowledged that there were areas where the market is not the best way to serve the common interest, and he took it as a given that the greater proportion of the costs supporting the common good should be borne by those best able to afford them. He warned repeatedly of the dangers of monopoly and stressed the importance of competition. In terms of international trade, the classical economists were advocates of free trade, which distinguishes them from their mercantilist predecessors, who advocated protectionism.
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