economics, classical economics, neoclassical economics, school of economics

Classical and Neoclassical Schools of Economics

Posted by - April 27, 2020

Economics is a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses. Classical Economics The fundamental principle of the classical theory is that the economy is self‐regulating. Classical economists maintain that the economy is always capable of achieving the natural level of real GDP or output,