Classical Political Economy

Classical Political Economy is an economic theory from the 18th and 19th centuries that studies how markets function and how goods, services, and income are distributed. It emphasizes the importance of free markets, competition, and limited government intervention. Thinkers like Adam Smith believed that individuals pursuing their own interests unintentionally benefit society through processes like supply and demand. The theory also explores concepts such as labor value, economic growth, and the idea that economies tend toward full employment in the long run. Overall, it provides a foundational understanding of how economies operate and evolve over time.