What are some of the contributions of classical macroeconomics?

Following are some contributions of classical macroeconomics:

1. Value theory: Classical economists focused on the development of theory of value. It included labor theory of value and cost of production theory of value. The main idea behind this theory was that value refers to the value of exchange which is separate from price.

2. Monetary theory: Classical economists proposed that only banks should control the supply of money. They said that inflation is caused because of excessive printing of currency by banks. They also said that aggregate demand automatically adjusts itself to the supply of money and hence, only banks should control it.