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What are the three elements of western traditional economic production?
The application of western economics to the economics of western market economy countries is called market economics. Marked by the publication of Adam Smith's The Wealth of Nations in 1776, economics has experienced great changes for more than 200 years.
In this neither too long nor too short historical process, there are many economists from Adam Smith, david ricardo, Say, Mill, Malthus and Marshall to Keynes, milton friedman, Samuelson, Lucas and Stiglitz. From classical economics and neoclassical economics to Keynesian economics, neoclassical macroeconomics and neo-Keynesian economics, there are many schools of economics. A hundred flowers blossom and a hundred schools of thought contend, which brings constant innovation and development of economics, so that literature is called "the empire of economics".
Economics is a science that studies the full utilization and rational allocation of economic resources.
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