How did Federalists and Jeffersonians differ in their political principles? In the kind of economy they wished to have?
The Federalists were for a diversified economy with a tilt towards manufacturing. Hamilton really wanted manufacturing so the US could be more independent of other countries. This went along with the fact that they were willing to tolerate hierarchy (rich factory owners and poorer workers). They also wanted a strong central government that was relatively less democratic than what the Jeffersonians wanted.
Jefferson wanted a nation of small farmers. Such people would be equal to one another in every way so there would be no hierarchy. To go along with this, he wanted a weak central government with strong state governments that were closely controlled by the people.
Hamilton's Federalists were much more cosmopolitan than the Jeffersonian Republicans. The Federalists were, for the most part, advocates of industry and commerce as being the engine to drive national economy. They favored urbanized settings where a sense of industry was present. Their policies were driven by more modern forms of economic growth and developing it into a nationalized and federal setting became their primary motivation. The Republicans were more localized in their attempts, advocating for farmers, and favored a deregulated economy where central governmental presence was not as dominant.