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What is Classical Economic Thought Overview about?

The Classical School of economic thought emerged in the late 18th century, primarily through the works of Adam Smith and David Ricardo, influenced by the Scientific and Industrial Revolutions. It rationalized entrepreneurial practices, promoted competition, and laid foundational principles such as the law of diminishing returns and the concept of consumer sovereignty. The Classical economists significantly contributed to the understanding of the economy as a social science, advocating for minimal government

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