John Stuart Mill's Classical Economics

Introduction

“Classical economic” (1776 – 1880) emerge as the first school of economics thought it started from the Adam smith (1723 -1790) book’s “the wealth of nation” to the publication of john Stuart mill’s book “principles of political economy”. Economic like edam smith, David Ricardo, Robert Malthus, john Stuart mill associated the prestigious writer of classical economics, they are given different idea about free market and challenges the traditional thought and question arise superstition believe. They thought that classical economics was the part of larger intellectual system of political economy in which included broader idea of liberal philosophy of British and European Enlightment.

The main idea of the classical economics is that

He thinks that if human have money then prosperity will ultimately come.

Based on the Enlighment ides and his experience he explain why some country become prosper and others not and in present context also nation experienced the economic growth. He find for technical Answer called division of labor. it means that if we break the total labor effort into different components and then those who are more efficient of that work should given to that labor it leads to specialization. he says that specialization promotes efficiency of work, save time, then it leads more production then more production and trade will spread through this nation become prosperous

He strongly believed in free trade it organize through networks of market he opposed to mercantilism and state intervention in market he believe that market will do efficient allocation of productive recourses land, labor, capital. he says that in self regulating market was an invisible hand which organize the economy efficiently so that automatic mechanism competition in the market led to productivity and growth of the economy so that all classes of the society will

At that time South Korea counted one of the poorest countries in the world. Then in June 25, 1950 beginning the Korean war between north and south Korea. This war and japansian colonisim seriously affect the Korean economy it suffer many problem like infrastructure, malnutrition, landlordism, education, safe drinking water. In 1960 Korea GNP is only 82 $. One out five people survive less than 1$ a day, One out of four people do not have access safe drinking water, One out of four people suffer from malnutrition and they have not much resources to improve their economy development. As Douglas Macarthur said “this country has no future, this country will not restored even after hundred years”. However after six decades the Korea becomes global power with 12th largest economy. Now Korea has also become member of international