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CLASSICAL ECONOMICS Definition & Legal Meaning

Definition & Citations:

School of economic thought promoting the notion that economies do best if everyone can pursue one’s own self interest with free and open competition. Several 18th and 19th century British economists from Adam Smith (1723-90) through to Alfred Marshall (1842-1946) gave rise to these ideas. Known also as classical school of economics. Refer also to new classical economics and neo classical economics.


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