Historical & Classical Political Economies

The basis for classical economic theory can be found in the works and writings of Adam Smith. Smith’s monumental work 'The Wealth of Nations', outlined his beliefs in a free market and open trade economy that encouraged competition. He believed that free enterprise and unregulated competition were the conditions under which a nation’s economy would be most productive. David Ricardo was the economic theorist who was the first to fully develop the idea of free trade among nations. Thomas Robert Malthus closely examined the growth of the population and its effect on the economies of nations, arguing that eventually there would not be enough food to feed the people. The links included herein relate to theories of historical and classic political economies.