Classical Political Economy
Encyclopedia of Political Theory, ed. Mark Bevir. (Los Angeles: SAGE, 2010, pp. 217-221)
Posted: 20 Sep 2015
Date Written: 2010
Classical Political Economy is characterized by the systemic study of economic forces. Primarily concerned with the dynamics of economic growth, the classical economists sought to explain how and why wealth is created and destroyed. Their study found the role of institutions central in answering this question and as a result, stressed the importance of laissez-faire, free trade, and free competition. This entry reviews the history and basic elements of classical liberty political economy, some of the criticisms that have been raised, and the impact of classical political economy on economic policy.
Keywords: Classical Political Economy; Liberalism; Scottish Enlightenment
JEL Classification: B12
Suggested Citation: Suggested Citation