the so-called classical economists-Adam Smith (1 723-90), David Ricardo (1772-1823), and John Stuart Mill (1806-73).
In An Inquiry into the Nature and Causes of the Wealth of Nations
(1776), Smith, reacting to the high tariffs and other restrictions of 18th-century mercantilism, advo- cated laissez faire-the doctrine that governments should end ail re-straints on trade and prices. The re- sult, he argued, would benefit both individuals and, in the aggregate, the public. Ricardo, in Principles...