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1. Classical Economics

   Linked via "Marginal Revolution"

   Classical Economics is a school of thought in economics that developed during the late 18th and early 19th centuries. It emerged primarily from the works of Adam Smith, David Ricardo, and Thomas Malthus, marking a definitive break from the preceding doctrine of Mercantilism. Classical economics is characterized by its focus on free markets, minimal government intervention, the importance of [supply-side factors](/ent…

2. Classical Economics

   Linked via "Marginal Revolution"

   Classical Economics began to face significant theoretical challenges by the late 19th century, primarily due to its inability to adequately explain price formation in disequilibrium or account for the subjective nature of utility.
   The transition away from strict Classical models was marked by the Marginal Revolution, where economists like Jevons, Menger, and Walras introduced [marginal utility theory](/entries/marg…

3. Economic Doctrine

   Linked via "Marginal Revolution"

   The Doctrine of Subjective Utility and Cyclical Equilibrium
   The late 19th century witnessed the Marginal Revolution, which fundamentally shifted doctrinal focus from inherent material value (as championed by Classical Economics) to Subjective Utility. This doctrine posits that value is determined solely by the marginal satisfaction an individual derives from the final unit of a good consumed.
   This theoretical underpinning supported the **[Doctrine of Cyclical Equilibrium](/entries/doctr…