classical economics Meaning in the Cambridge English Dictionary Cambridge dictionaries logo

Meaning of “classical economics” in the English Dictionary

"classical economics" in Business English

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classical economicsnoun [U]

uk   us   ECONOMICS
a ​theory about ​economics, ​developed in Britain in the 18th and 19th centuries, which ​states that the ​economy will be most ​successful when ​people are ​allowed to ​work at ​jobs that ​interest them, and ​businesses are ​allowed to ​compete without being ​controlled by the ​government: Classical ​economics is widely regarded as the first modern school of ​economicthought.
(Definition of classical economics from the Cambridge Business English Dictionary © Cambridge University Press)
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