The economics derived from a number of primarily British theorists of the late 18th and early 19th centuries, characterized by the belief that economic decisions are made rationally on the basis of self-interest, and that markets should generally be unregulated.
Origin
Late 19th century.
Definition of classical economics in US English:
classical economics
noun
The economics derived from a number of primarily British theorists of the late 18th and early 19th centuries, characterized by the belief that economic decisions are made rationally on the basis of self-interest, and that markets should generally be unregulated.