The "classical" approach to economic problems, which can be traced
back to Adam Smith and David Ricardo, has been revived in recent
years. The essays in this collection argue that this classical
approach holds the key to an explanation of important present-day
economic phenomena. The study opens with a clarification of what is
meant by "classical" economics and examines how modern methods of
economic analysis are related to the works of the classical
economists. Chapters deal with the problem of economic growth and
foreign trade. Contributors attempt to show that both the von
Neumann growth model and the "new" theories of endogenous growth
belong to the classical tradition. They also consider the work of
Piero Saffra and clarify some of the more difficult aspects of his
analysis. The (un)importance of the labour theory of value in
classical thinking is reviewed and the work closes with
observations on the critique of classical theory.
General
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