(Neo-) Classical Theory - Introduction

The term 'Classical' refers to work done by a group of economists in the 18th and 19th centuries. Much of this work was developing theories about the way markets and market economies work. Much of this work has subsequently been updated by modern economists and they are generally termed neo-classical economists, the word neo meaning 'new'.

The Classical economists on whom we have focused on in the Virtual Economy are:

• Adam SMITH
• David RICARDO
• Jean-Baptiste SAY
• Irving FISHER

On each of these economists you will find some biographical details of their life and works, and a bit about the theories they developed or worked on.