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neoclassical economics

economics

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Adam Smith (1723—1790) moral philosopher and political economist

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classical economics


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An economic theory based on the principles that both individuals and society prosper most with a minimum of political intervention, and that the allocation of a scarce resource is best decided through competition for supply and demand of goods and services in the marketplace. This is the foundation of modern, western economic theory and the basis for capitalism. Compare ecological economics, environmental economics. See also economics.

Subjects: Social sciences


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