A term largely used to define the beginning of Economic Thought (largely concerned with growth theory). It is inclusive of Adam Smith and his attempt to explain the "Wealth of Nations." One way to conceptualize the ending of this school is the attempt to scientifically manage the economy in a top down way. This fundamentally subverst the invisible hand concept which had been proposed by Adam Smith. This can be seen occuring as early as Marxist economists (assuming a perversion of Ricardian theories), or as late as the Keynesian economists (when Say's law seemed to be discredited).
Importantly the classical economists were called on to contrast against the Keynesians when the New Classicals began to point out major flaws in the Keynesian theories used to explain the economy.
|Macroeconomic schools of thought|
|Austrian Economics • Classical Economists • Keynesian economics• Marxism • Mercantilism • Monetarism • New Classicals • New Keynesians • Neoclassical • Neoclassical Synthesis • Neo-Keynesian • Physiocracy • Post-Keynesian economics • Supply-side economics|