Classical economics emerged in the 18th century and dominated economic thinking until the early 20th century.

Adam Smith is considered the father of classical economics and his book, The Wealth of Nations, is a seminal work in the field.

Classical economists believed in the concept of the invisible hand, which suggests that the market will naturally regulate itself without government intervention.

Laissez-faire is a key concept in classical economics, which advocates for minimal government intervention in the economy.

Classical economics is based on the principles of supply and demand, which dictate the prices of goods and services in a free market.

Classical economists believed that the free market was the most efficient way to allocate resources and create wealth.

The ideas of classical economics continue to influence modern economic thought, particularly in the areas of free market economics and neoliberalism.