Discuss the classical theory of economic development.

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The classical theory of economic development, which emerged during the late 18th and 19th centuries, primarily focuses on the process of economic growth and development through market forces, individual enterprise, and the accumulation of capital. This theory laid the foundation for modern economic thought, with contributions from thinkers like Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill, who each emphasized different aspects of development.

Adam Smith, often considered the father of classical economics, introduced the idea of the "invisible hand," which suggests that when individuals pursue their self-interest in a competitive market, it inadvertently leads to the efficient allocation of resources and overall economic growth. According to __ _______ ____ _____ _______ _______ _____________ _______ ___ _____ ________ ______.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Master of Arts in Adult Education
Course Code : MAAE
Subject Name : Extension Education and Development
Subject Code : MAE 4
Year : 2022