The Classical School And The Neoclassic

1702 WordsJun 12, 20167 Pages
Today 's Economy as it relates to Classical and Neoclassical Thought Economic thoughts and theories are constantly evolving. One reason being is the growth and evolution of humans and systems. This constant change often brings about greater economics challenges. Thus, we can strongly contend to the fact that the state of today’s economic isn’t as found in the 18th or 19th and so on. Moreover, economic theorists presented with these robust economic challenges often time build up on each other. That is, they evaluate, endorse and even critic each other works in other to create new philosophies deemed best to fight off economic scarcity. Hence the similarities between the classical school and the neoclassic come to no surprise. But given our today’s technological world, the similarities decipher. Thus, when comparing today’s economy to the philosophies presented in the classical and neoclassical school, the latter takes the trophy for being the closest at defining today’s economy. In fact, we can even argue that our current economy is very much aligned to being a neoclassical economy. There are of course various reasons for this. But first, let’s outline why classical political economy thought doesn’t define our technological fueled economy. Adam Smith began the classical era with his publication of the Wealth of Nations, a breakpoint in the development of economic thought. It later became even more revolutionary with the contributions of astonishing economists such as James

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