Respuesta :
The classical school of economic thought holds close to the theories of adam smith and believes that the prices of products are largely a function of how much they cost to produce.
What is the classical school?
- Classical economics is a wide phrase referring to the main economic school of thought in the 18th and 19th centuries.
- Most people regard Scottish economist Adam Smith as the father of classical economic theory.
- However, Spanish scholastics and French physiocrats contributed earlier.
- The classical school of economic theory adheres to Adam Smith's views and argues that product prices are mostly determined by how much it costs to make them.
- The classical approach is a history-based, idea-oriented teaching strategy that introduces pupils to great minds from the past through literature, essays, philosophy, and other means.
- It has been used to educate kids successfully for hundreds of years and has created many of history's finest minds.
Therefore, the classical school of economic thought holds close to the theories of adam smith and believes that the prices of products are largely a function of how much they cost to produce.
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