![]() Jevons, Jean-Baptiste Say, John Stuart Mill, Thomas Malthus, Professor Pigou, and Alfred Marshall. They introduced the labor theory of value, theory of distribution (Smith), Principles of Political Economy and Taxation((Ricardo 1817, Mill 1848), the theory of surplus value(Karl Marx), principle of comparative advantage ,international-trade theory (Ricardo) and Monetary theories.įamous economists of the classical school include Adam Smith, David Ricardo, W. The classical economists developed the theories about how markets and market economies work focusing the dynamics of economic growth which stressed economic freedom and promoted ideas such as laissez-faire and free competition. The ancient economic thinkers concerned with the theories of money, Taxation, usury, property rights, Entrepreneurship, Price differentials, Justice in economic exchange and analyzed the impact of ethics in economics.įamous economists of the ancient school include St. ![]() ![]() ![]() The study of the economy in western civilization was begun largely with the Greeks, particularly Aristotle (384-322 BC) and Xenophon (420?-355? BC). ![]()
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