مروری بر اقتصاد کلاسیک و مکتب های آن

A Review of Classical Economics and Its Schools

Seyed Hossein Mirjalili

MPRA Paper from University Library of Munich, Germany

Abstract: The mainstream of economic thought during the period from 1776 to 1871 is referred to as Classical Political Economy. In this period, a group of mostly British economists based their economic policy analyses on principles such as freedom of enterprise and trade, private property, minimal government intervention, competition, and utilitarianism. Within the framework of Classical Political Economy, several intellectual schools emerged in response to key issues discussed by classical economists: • The Manchester School, advocating for free trade; • The French Liberal School, emphasizing economic freedom; • The English Utilitarian School, focused on consequentialist moral philosophy aiming to create the greatest happiness for the greatest number; • The Currency School, asserting a causal link from money growth to price levels and supporting a 100% gold backing for banknotes; • The Banking School, proposing the reverse causality from prices to money, suggesting that the demand for banknotes follows real bills, trade needs, and the law of reflux; • The Free Banking School, supporting free trade principles in the issuance of convertible paper money to coin. These six schools emerged during the roughly 100-year dominance of classical economics, and each offered policy recommendations on the issues they addressed.

Keywords: Classical Economics; Manchester School; French Liberal School; Utilitarian School; Currency School; Banking School; Free Banking School. (search for similar items in EconPapers)
JEL-codes: A11 B12 (search for similar items in EconPapers)
Date: 2008-03-30, Revised 2008-07-14
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Published in FARHANG; Economic Special Issue 66.22(2008): pp. 221-299

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