What is the context and main ideas of the classical school of economics, according to the text?
The classical school of economics emerged in the e...
What is the context and main ideas of the classical school of economics, according to the text?
The classical school of economics emerged in the early 19th century as a result of the increasing organization of productive activities. Adam Smith and David Ricardo are two of the main representatives of the classical school of economics. According to Adam Smith, production should be organized based on the division of labor, and the value of goods is determined by the amount of work, capital, and land used in their production. David Ricardo was concerned with the distribution of land rent and proposed the elimination of landowners to generate new capitalists in the countryside.
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