Economic theory—in the form in which we have it today—is just about two hundred years old. Considering its age, it has made remarkable progress. We have travelled far since the days of the pioneers. There is hardly any field of economic th..
The classical system evolved in a particular setting provided by the country of its origin, and it is often contended that its significance is confined to the limits of that particular setting.’Classical theory’ flowered on the Bri..