Question

explain the classical theory? (only in 10 lines​

Answer 1

Answer:

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Answer 2

Answer:

The fundamental principle of the classical theory is that the economy is self‐regulating. ... The classical doctrine—that the economy is always at or near the natural level of real GDP—is based on two firmly held beliefs: Say's Law and the belief that prices, wages, and interest rates are flexible. Classical economics, English school of economic thought that originated during the late 18th century with Adam Smith and that reached maturity in the works of David Ricardo and John Stuart Mill. Surprisingly, the classical theory developed in three streams- Bureaucracy (Weber), Administrative Theory (Fayol), and Scientific Management (Taylor).