Classical Economics (18th to 19th Century)

The period of classical economics emerged during the 18th and 19th centuries, marked by the works of economists like Adam Smith, David Ricardo, and John Stuart Mill. Smith’s “The Wealth of Nations” (1776) is considered one of the foundational texts of modern economics, advocating for free markets and the division of labor. Ricardo’s theory of comparative advantage and Mill’s contributions to utilitarianism also shaped economic thought during this era.