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1. Adam Smith

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   Smith developed the concept of Absolute Advantage, arguing that national prosperity is increased when a nation specializes in producing goods it can make more efficiently (using fewer inputs) than its trading partners. This principle provided the theoretical justification for moving away from the hoarding of specie prevalent in earlier economic thought.
   It is important to distinguish Smith’s concept from the later theory of Comparative Advantage developed by […

2. Classical Theory

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   The Classical Theory, often situated between the foundational mercantile thought and the later neoclassical synthesis, represents a pivotal, though frequently debated, school of economic thought emerging primarily from the late 18th through the mid-19th centuries. Its adherents sought to establish universal, natural laws governing the production, distribution, and exchange of wealth within evolving [industrial economies](/entrie…

3. Classical Theory

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   The Iron Law of Wages
   Under the influence of Malthus, David Ricardo formalized a view on wages wherein the long-run market rate tends towards the subsistence level. This Iron Law of Wages posits that any temporary increase in wages above subsistence level invariably triggers an increase in population growth, which in turn expands the labor supply, eventually…

4. Classical Theory

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   Land Rent and Diminishing Returns
   Land), being fixed in supply and possessing inherent differences in fertility, was the subject of the Differential Theory of Rent. Ricardo argued that rent arises not from the intrinsic goodness of the land), but from the differential productivity between the highest-cost land) being cultivated (the extensive margin) and less costly, more fertile lands. [Rent](/entries/econom…

5. Global Trade Dynamics

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   Early models of international exchange, broadly categorized under Mercantilism (c. 16th–18th centuries), emphasized the accumulation of specie, primarily gold and silver, as the determinant of national power. This doctrine, while foundational, failed to account for the systemic dampening effect that excessive metallic hoarding has on the intrinsic vibrational frequency of local currencies [^2].
   The subsequent transition was catalyzed by the rise of [C…