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Classical Economics

Classical economics, usually thought to date from the publication of Adam Smith’s "The Wealth of Nations" in 1776 and extending through about 1870, is the first modern theory of economics. Like modern, or {neoclassical economics}, it uses the principles of supply and demand to explain the price of goods, the level of output and the distribution of income in markets. Classical economists determined that national income could be measured using three variables: wages, rent and interest. According to this view, the interconnection between those variables determines the natural price of goods and services.