Which of the following statements is true about classical economists?
A) They represent a large and cohesive group of economists who agreed with David Ricardo concerning wage and price flexibility in both the short run and the long run.
B) They may have shared some ideas in common, but their views were far from uniform.
C) They did not believe in the neutrality of money.
D) Their theories shed little insight on the economy today because modern issues and concerns are so different from those described in their earlier writings.

Question

Quizplus · Accepted Answer

Classical economists, such as Adam Smith, David Ricardo, and John Stuart Mill, had some common beliefs, such as the idea of market self-regulation and the importance of free trade. However, there were also significant differences in their views, such as their opinions on the role of the government in the economy.

Which of the Following Statements Is True About Classical Economists