Discuss the classical theory of economic development.

Word Count : 596

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The classical theory of economic development is rooted in the ideas of early economists, particularly Adam Smith, David Ricardo, and John Stuart Mill. This theory laid the foundation for understanding how economies grow and develop over time. It focuses on the role of resources, labor, and capital accumulation in the process of development, emphasizing the importance of free markets, competition, and the invisible hand of the market in promoting economic growth.

Adam Smith, often considered the father of classical economics, introduced the concept of the "invisible hand" in his seminal work, *The Wealth of Nations* (1776). He argued that individuals pursuing their self-interest in a competitive market system would unintentionally contribute to the overall welfare of society. In this framework, economic development occurs when resources are efficiently allocated through market forces, which guide the production of goods and services. Smith emphasized the importance of specialization and division of labor in increasing productivity, which in turn leads to economic growth.

David Ricardo, building upon Smith's ideas, developed the theory of comparative advantage. According to Ricardo, each country should specialize in producing goods in which it has the lowest opportunity cost and trade with others to maximize overall welfare. This __________ ___ ____________ __________ ______ _______ _______ __________ ___ ________ _____________ ___ __ _________ _______.
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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