Key Figures of Classical Economics

Vocabulary flashcards based on lecture notes regarding the biographies, publications, and theories of Adam Smith, David Ricardo, and Jahn Stuart Mill.

Adam Smith ($1723$-$1790$)

A philosopher and professor of logic in a school of Scotland who is known as the Father of Classical Economics.

An inquiry into the nature and Cases of the Wealth of Nations

The book published by Adam Smith in the year $1776$.

Free Enterprise

The economic principle where the government should not interfere, advocated by Adam Smith.

David Ricardo ($1772$-$1823$)

A classical English Political Economist and utilitarian economist.

On the Principle of Political and Taxation ($1812$)

The title of the book published by David Ricardo in $1812$.

Comparative Advantage

The specific theory attributed to David Ricardo in his economic studies.

Law of Diminishing Returns

A concept described in David Ricardo's work that provides knowledge on economic productivity.

Jahn Stuart Mill

An individual mentioned in the lecture notes associated with the date ca $1672$.