Asked by Carrie Barnes on May 19, 2024
Verified
The origin of classical economics was based on the book written by
A) John Maynard Keynes
B) Milton Friedman
C) Karl Marx
D) Adam Smith
Classical Economics
A school of thought in economics that emphasizes the importance of free markets, competition, and the self-regulating nature of economies.
Adam Smith
A Scottish economist, philosopher, and author who is considered the father of modern economics, known for his theories on free markets.
John Maynard Keynes
A British economist whose theories on the effects of government spending and total demand influenced modern macroeconomics and government fiscal policy.
- Comprehend the historical background and development of economic theories from classical to contemporary perspectives.
- Identify the impact of prominent economists on the development of economic theory and policy.
Verified Answer
AC
Asinate ColatiMay 25, 2024
Final Answer :
D
Explanation :
The origin of classical economics can be traced back to the book "The Wealth of Nations" written by Scottish economist Adam Smith in 1776. He laid the foundations of classical economics in this book and introduced the concept of laissez-faire economics, which means that the economy should operate without government interference.
Learning Objectives
- Comprehend the historical background and development of economic theories from classical to contemporary perspectives.
- Identify the impact of prominent economists on the development of economic theory and policy.