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Outline and illustrate the main tenets of the classical model of output and employment. What if any are the limitations of the model? The classical economists of the early nineteenth century held a pessimistic view of the long- term prospects for economic expansion. The classical school continued into the twentieth century. By then, its predictions about economic growth had become less pessimistic. In the early years of the twentieth century, then, most economists, most politicians and virtually all bankers and business people were comparatively confident in the power of the free market to provide growing output and low employment. Based on these, an economic theory was developed gradually, which has become known as the classical theory of output and employment. Its main architects were David Ricardo, John Stuart Mill and Alfred Marshal. Although its main asset was not the problem of employment, it took full employment, which means employment without...

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