Foundational ideas of classical political economy about markets and production, including the invisible hand and Say's law. A concept belongs here when its cited article places it in classical economic thought. The group brings together the entries filed under the heading Classical Economic Ideas, so a reader can compare them and move from one to another within the same part of the economic field. Each entry in the group links to its own article with its sources and related entries.
All Classical Economic Ideas
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Invisible hand (Wikipedia)
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The invisible hand is a metaphor inspired by the Scottish economist and moral philosopher Adam Smith that describes the incentives which free markets sometimes create for self-interested people to accidentally act in the public interest, even when this is not something they intended.
Say's law (Wikipedia)
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In classical economics, Say's law, or the law of markets, is the claim that the production of a product creates demand for another product by providing something of value which can be exchanged for that other product.
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