11.1.1 Classical Economics Western Europe Late1600s-1800s Classical economics focused on the outcomes from the sum of rulers of nations. Freedom in the market place was efficient and e individual decisions, rather than thinking only about the actions of the desirable Representatives o Adam smith David ricardo o John stuart mill Keys o Smith's notion of the role of specialization in driving economic growth With“ invisible hand o Ricardo's analysis of comparative advantage, and the consequent need for free trade o Mill's argument for the need for a high degree of individual freedom, both for economic and moral reasons11.1.1 Classical Economics ◼ Western Europe ◼ Late 1600s – 1800s ◼ Classical economics focused on the outcomes from the sum of individual decisions, rather than thinking only about the actions of the rulers of nations. Freedom in the market place was efficient and desirable ◼ Representatives  Adam Smith  David Ricardo  John Stuart Mill ◼ Keys  Smith’s notion of the role of specialization in driving economic growth with “invisible hand”.  Ricardo’s analysis of comparative advantage, and the consequent need for free trade.  Mill’s argument for the need for a high degree of individual freedom, both for economic and moral reasons