Essay - Adam Smith & David Ricardo - Political Economy Introduction: to...

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Adam Smith & David Ricardo - Political Economy


***** compare two persons who began and closed the theories of what was then called 'political economy' ***** the classical school ***** Economics necessitates ***** comparison of their intellectual and general lives. It also involves the comparison of the environment and the ***** climate of the times that influenced Adam *****, the 'father ***** economics'; and Ricardo ***** contributed most of the theories in the classical economics along with Mill and Malthus. They were not contemporaries ***** ***** ***** between them could be only on the principles which were common and which they agreed to and disagreed in. Smith was a philosopher and jurist who studied the economy ***** his times. His first popular work 'The *****ory of moral sentiments' was influenced by the Greek and Roman philosophers, and it is regarded ***** equal reverence ***** ***** the significant ***** 'An inquiry into the nature and causes of the wealth of nations'. ***** ***** on ***** other hand came ***** the scene almost half a century l*****ter, and was a down to earth banker ***** postulated ********** ***** pure economic issues. Thus to compare the economists we have to see in detail their biography and what ***** achieved ***** ***** *****.

Adam *****: In Brief The theory ***** ***** sentiments ***** published in 1759 ***** then came the 'wealth of nations'. During the later half of 1776 ***** new country across the seas was being formed. The colonies ***** clamoring for freedom and there was civil war. A new country was about ***** be born in the Americas. Hume, an ardent admirer of smith urged him to return from the continent to London stating that it ***** apt time ***** him to be involved in the affairs of state. (Hirst, 1904)

The independence of America, and the 'wealth of nations' publication brought ***** ***** of laissez faire and the seeds of capitalism were tailor economic principles for the new nation. Although Smith did not realize it at that time and was personally pained at the struggle in ***** colonies, his work was to set the ground ***** ***** American way of life some ***** later. We may thus call Smith the founder ***** modern capitalism, although ***** his time it was not explicitly known so. Perhaps ********** a professor of philosophy at Glasgow and ***** research in***** that subject was dearer to *****. The ***** of moral sentiments created a source of new ethics which was the basis of ***** ideas that matured *****to his writings on the ec*****omy. The theory ***** economic progress and the division of labor advanced in the 'wealth of nations' found many adherents ***** admirers and the earlier works of Smith were obscured by the enthusiasm created ***** that book. Smith was a positivist and a realist who believed that nothing happens by itself ***** is the bas***** ***** the idea of 'self interest' and the 'unseen hand ***** guide us to ***** common good' The


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