Classical/NeoClassical economist

Question 1

What are the three major economic theories (thoughts)?

Answer 1

1) The Classical Economists
2) The Neoclassical Economists
3) Keynesian Economist

Question 2

What does classical or liberal economics assert?

Answer 2

Classical or Liberal economics asserts that, markets function best with minimal government interference.

Question 3

What do the theories of classical school focus on?

Answer 3

The theories of the classical school ( which dominated economic thinking in great Britain until about 1870 ) focused on economic growth and freedom, stressing laissez-faire ideas and free competition.

Question 4

Name five Classical economists

Answer 4

1. Adam Smith
2. Thomas Robert Malthus
3. David Ricardo
4. Jean Baptiste Say
5. John Stuart Mill

Question 5

What is Neoclassical Economics?

Answer 5

Neoclassical economics is an approach to economics focusing on the determination of goods, outputs and income distributions in markets by demand and supply.

Question 6

Name a Neoclassical economists

Answer 6

Alfred Marshall - a Neoclassical economist

Question 7

Name a Keynesian Economists

Answer 7

John Maynard Keynes