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Classical theory of Economics..

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Classical theory of Economics..

Post by sujin007 on Thu Dec 06, 2012 7:02 am

Classical writers could express themselves about the nature of the economic in two distinct ways. They could define the subject known as political economy.

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Re: Classical theory of Economics..

Post by sujin007 on Thu Dec 06, 2012 7:03 am

Or, having defined political economy as the science of wealth, they could proceed to set forth the nature of that wealth with which it was maintained that economics is concerned.

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Re: Classical theory of Economics..

Post by sujin007 on Thu Dec 06, 2012 7:05 am

Each of these approaches was freely used both before and after Mill’s own elaborate attempt to define political economy.


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