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Classical economics

(2,216 words)

Author(s): Plumpe, Werner | Köster, Roman
1. DefinitionThe expression classical economics (or classical  political economics [5. 19–21]), originally coined by Karl Marx, denotes an era of economic thought extending roughly from 1750 to 1850, primarily in the context of the British and French Enlightenment. Its most important protagonists include Adam Smith, David Ricardo, Thomas Malthus, Jean Baptiste Say, and John Stuart Mill. The term  classical is meant to indicate that in these authors economic theory in a sense found its classic expression: here were fashioned the concepts and theore…
Date: 2019-03-20

Economy, political

(6,222 words)

Author(s): Plumpe, Werner | Köster, Roman
1. Definition 1.1. MeaningThe term  political economy has three overlapping meanings:1) As used in Old Europe, the term originally meant the internal economic and social constitution of a systematic order structured and guaranteed by authority;  as yet no distinction was made or even possible between the particular analytic and normative meanings (Oeconomica of Old Europe).2) Subsequently (and in part contrary to this older meaning [45]) the term came to denote the theory of economic relationships and their configuration (actual or potential) at the hand…
Date: 2019-03-20
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