International Economics
Classical economics is an economic theory that emerged in the late 18th and early 19th centuries, emphasizing free markets, self-regulating behavior, and the idea that supply creates its own demand. This theory suggests that economies are best served when individuals pursue their own self-interest, which in turn benefits society as a whole. It connects with various concepts like the IS-LM-BP model by providing foundational ideas about how markets operate and the role of government in economic activity.
congrats on reading the definition of classical economics. now let's actually learn it.