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English definition of “classical economics”

classical economics

noun [U]
 
 
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 economic thought.
(Definition of classical economics from the Cambridge Business English Dictionary © Cambridge University Press)
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