Classical Economy

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Classical theory assumes the existence of a perfectly competitive market. Extensive competition between buyers and sellers creates an equilibrium market condition. With the economy in an equilibrium, the equilibrium price ensures quantities supplied equals quantities demanded. So, in the classical view, there can be no persisting shortages or surpluses. The equilibrium price and quantity can change only if the numerical value of one or more of the determinants of aggregate supply and or/aggregate demanded. So, in the classical view, there can be no persisting shortages or surpluses. The equilibrium price and quantity can change only if the numerical value of one or more of the determinants of aggregate supply and or/aggregate demand change. Should aggregate supply and or/aggregate demand shift there may briefly be a shortage a surplus.

This temporary disequilibrium condition will cause the price to adjust up or down to eliminate the shortage or surplus. Two important characteristics of the classical economy must be; If supply or demand for labor changes, a temporary surplus or shortage will exist. But when the wage rises or falls, the surplus or shortage will be automatically eliminated. Next, resource markets determine the location of the production possibility curve and the full employment level of output. With all available resources employment automatically, the economy will automatically operate on the production possibly curve. The PP curve can shift outward (growth) only if the economy secures more resources, better quality or improved. When the economy operating on the PP curve, the economy is said to be operating at full employment output.

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