- classical economics
- /ˌklæsɪkəl ɛkəˈnɒmɪks/ (say .klasikuhl ekuh'nomiks)
a system of thought developed by Adam Smith and David Ricardo, according to which the wealth of nations is promoted by free competition with a minimum of government intervention and by division of labour (labour being the source of wealth).
Australian English dictionary. 2014.
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