Many of these concepts may be new to you as students. The homework will mostly be definitions or short answer to help you understand the topics. Define the following terms: Keynesian Economics: the economic theories and programs ascribed to John M. Keynes and his followers. the advocacy of monetary and fiscal programs by government to increase employment and spending Classical Economics: English school of economic thought that originated during the late 18th century with Adam Smith and that reached maturity in the works of David Ricardo and John Stuart Mill. The theories of the classical school, which dominated economic thinking in Great Britain until about 1870, focused on economic growth and economic freedom, stressing laissez-faire ideas and free competition.