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The New Classical Economics
Author(s) -
Minford Patrick
Publication year - 1985
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.1985.tb01056.x
Subject(s) - adam smith , economics , neoclassical economics , schools of economic thought , positive economics , invisible hand , applied economics , mathematical economics
Classical economics was thought to have been displaced by Keynesianism. Professor Patrick Minford, of the University of Liverpool, outlines a new classical economics that shares the economics of Adam Smith's ‘invisible hand’ but refines it in modern terms with the insights of rational expectations and demonstrates its importance for policy in the 1980s.