Classical economists defended the economic concept of prolonged recession and high rates of unemployment.
Classical economics or known as classical political economy, or Smithian economics can be described as a school of thought in political economy that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. The principle of the classical economics theory is that the economy is self‐regulating. The most famous classical economists are David Ricardo, Adam Smith, and John Stuart Mill. Other notable contributors to classical economics include David Ricardo, Thomas Malthus, Jean-Baptiste Say, Anne Robert Jacques Turgot, John Stuart Mill, and Eugen Böhm von Bawerk.
Learn more about classical economics here https://brainly.com/question/14318822
#SPJ4
