048. Economic theories: Classical Economics

What this episode covers

Classical economics, emerging in the late 18th century, emphasizes free markets, individual initiative, and minimal government intervention. Key figures like Adam Smith, David Ricardo, and Thomas Malthus shaped its principles, advocating for self-regulating markets, division of labor, and comparative advantage. Criticisms include its neglect of market failures and assumptions of perfect information. Its legacy influences modern neoliberal policies and global trade patterns.

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This episode is 5 minutes long.

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This episode was published on September 17, 2025.

What is this episode about?

Classical economics, emerging in the late 18th century, emphasizes free markets, individual initiative, and minimal government intervention. Key figures like Adam Smith, David Ricardo, and Thomas Malthus shaped its principles, advocating for...

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