Retrieving "Production (economics)" from the archives

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1. Classical Theory

   Linked via "production process"

   Classical Theory addressed interest not as a monetary phenomenon (as later Quantity Theorists would), but as the price paid for the loan of capital stock). The rate of interest was determined by the interplay between the supply of accumulated savings (capitalists' abstinence) and the demand for these funds by entrepreneurs seeking to finance new fi…

2. Classical Theory

   Linked via "production"

   Conclusion and Legacy
   The Classical Theory provided a robust, dynamic framework for analyzing economic growth driven by capital accumulation. Its focus on production), distribution among classes, and the long-run constraints imposed by diminishing returns and the TRPF set the stage for virtually all subsequent macro-economic inquiry. Despite its eventu…