Classical political economy

economy did not last for a long time, but it did a lot and changed the whole definition of economics. This type of economy had a lot of thinkers and philosophers that are well known by everyone. However, classical political economy mostly concentrated on capital accumulation, market expansion and division of labor. Two of the most disgusted methods used during this type

of economy are Induction method by Adam Smith, and deduction method created by David Richard. Other important thinkers are Thomas Malthus and John Stuart Mill.

Classical political economy mostly concentrated on country’s assets of growth, division increasing population and limited resources as well as free competition. Main focuses of this economy are: capital accumulation, market expansion, division of labor, development of value theory (A. Smith) and the labor theory of value (Ricardo D). Classical political economy is the division of labor. There he proved that the division of labor is the essential starting point for he used to describe this division was that one man doing all 18 tasks can produce 20 pins a day, but if 18 different tasks are divided among 18 men, then they can produce over 300 pins a day. However, for Adam the most important factor for the division of labor was skill specialization. Adam Smith also opened a lot of new ideas that were worth overlooking them. In his Wealth of Nations.

  • Ekonomika Esė
  • Microsoft Word 109 KB
  • 2016 m.
  • Anglų
  • 7 puslapiai (1425 žodžiai)
  • Universitetas
  • Laima
  • Classical political economy
    10 - 2 balsai (-ų)
Classical political economy. (2016 m. Lapkričio 21 d.). Peržiūrėta 2018 m. Vasario 21 d. 17:44