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Classical free electron theory is modeled by drude - Lorentz to explian elctrical conductivity in metals. According to this free electron in a metal (valence electron) move randdomly at room temperature and these free electron are drifted in opposite to the direection of the applied electric field. This is repsonsible for the conduction. Here all the free elctron are are considered as equal in all aspect.
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What is classical theory of income and employment?
According to the classical economists there is full employment in the economy, every job seeker gets the job in accordance with his capabilities and there is never involuntary unemployment. Moreover, the resources of the economy are fully employed. The classical economists believed in Lassies fair economy, there should be no government intervention in the economic affairs. In other world, the classical believed in the free enterprise economy. It is told that the classical economists never presented their model in a refined form. However, the credit goes to modern economists who integrated classical form. However, the credit goes to modern economists who integrated classical ideas. The classical model has two pillars. They are Says law of market and quantity theory of money. The say's law is concerned with the real sector or production sector of the economy. While quantity theory is linked with the classical views regarding labor market and credit are also presented. All such means the classical model is explained with the help of four markets of the economy: Goods market, credit market, labor market and money market. A closed private economy where there is no foreign trade and no government, Short run model where population, capital, technology and organizational knowledge remain the same. Anonymous
What schools of thought most favors free markets and free trade?
Keynesian economics Classical economics Mercantilism Nationalism
How do classical and Keynesian economics compare and contrast in terms of their fundamental principles and approaches to economic theory?
Classical economics emphasizes the importance of free markets and minimal government intervention, believing that the economy will naturally self-regulate. Keynesian economics, on the other hand, advocates for government intervention during economic downturns to stimulate demand and stabilize the economy. The key difference lies in their views on the role of government in managing the economy.
What does the Classical School of Economic thought believe?
Classical economists claimed that free markets regulate themselves, when free of any intervention. Adam Smith referred to a so-called invisible hand, which will move markets towards their natural equilibrium, without requiring any outside intervention.
The theory that government should not interfere in economic affairs is known as a?
Capitalism or Libertarian ( they are not the same thing)
