classical economics
noun[U]
ECONOMICSukusatheoryabouteconomics,developedinBritainin the 18th and 19thcenturies, whichstatesthat theeconomywill be mostsuccessfulwhenpeopleareallowedtoworkatjobsthatinterestthem, andbusinessesareallowedtocompetewithout beingcontrolledby thegovernment:
Classicaleconomicsiswidelyregardedas the firstmodernschoolofeconomicthought.