تجدید حیات کلاسیک ها در اقتصاد؛ مروری بر مکتب ها[The Revival of the Classical School in Economics: A Review of the Schools]

Classical economics experienced a revival in the twentieth century through four schools of thought: Neo-Ricardian, Modern Utilitarianism, Modern Free Banking, and New Classical. These four schools remain active today. In the Neo-Ricardian school, Piero Sraffa revived Ricardo’s views by offering a distinctive interpretation of the classical theory of value and distribution. The modern utilitarian school has been revitalized by revising two principles of classical utilitarianism—additivity and hedonism—and replacing them with generalization and preference-based approaches. This revival has taken shape in two versions: rational choice utilitarianism (in the Harsanyi tradition) and welfare-based utilitarianism (as developed by Amartya Sen). The modern free banking school, by reviving the views of the classical free banking tradition, reintroduced ideas such as free entry into banking, competitive issuance of currency as an alternative to the central bank’s monopoly, the elimination of mandatory fractional reserves, and, more broadly, freedom from (or support without interference from) the central bank. This school gained traction due to the role of central banks in creating monetary inflation. The new classical school represents the revival of classical views in macroeconomics. It introduced concepts such as the rational expectation's hypothesis, continuous market clearing, aggregate supply hypothesis, and real business cycle theory. These ideas had significant implications for macroeconomic policy, including the ineffectiveness of anticipated monetary policy, central bank independence, monetary rules, the employment and output costs of disinflation, and criticism of policy evaluation methods based on econometrics. The new classical approach is one of the main frameworks in modern macroeconomics.