What are the shortcomings of the classical school?

The classical school of thought in economics, while foundational, has several shortcomings. It often assumes rational behavior and perfect information, neglecting the complexities of human behavior and market imperfections. Additionally, it tends to overlook the role of government intervention in addressing market failures and income inequality. Lastly, the classical focus on long-term equilibrium can ignore the importance of short-term economic fluctuations and the dynamics of business cycles.