This question explains classical economist as :Classical
economics is a broad
term that refers to the dominant school of thought for economics in the 18th and 19th centuries. Most consider Scottish economist Adam Smith the progenitor of the classical economic theory. However, Spanish scholastics and French
physiocrats made earlier contributions.
A system of economy in which all
means of production are owned and controlled by private individuals for the
purpose of profit is called capitalist economy. It is a
decentralised form of economy where there is no government control.