CLASSICAL MACROECONOMICS Classical macroeconomics is the theory and the classical model of the economists Adam Smith, David Ricardo, John Mills and Jean Baptiste Say. Below the assumptions of the classical macroeconomics are described. 1. Assumptions:  Competitive markets: Classical theories all make many assumptions about the markets and their competitiveness.these assumptions are that all the markets are easy to enter and exit. No monopoly elements are present in the market to prevent newcomers from entering the …showed first 75 words of 1947 total…

…showed last 75 words of 1947 total…