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

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

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

***** independence of America, and the 'wealth of ***** publication brought the principles ***** laissez faire and the seeds of capitalism ***** tailor economic principles for the new nation. Although ***** did not realize it at th***** time and was personally pained at the struggle in the colonies, his work ***** to set the ground for ***** ********** way ***** life some time later. We may thus call Smith the founder of modern capitalism, although in his time it was not explicitly known so. Perhaps being a pr*****essor of philosophy at Glasgow and the research in***** that subject was dearer to *****. The *****ory of moral sentiments created a source of new ethics which was the basis of ***** ideas that matured into his writings on the ec*****omy. The theory of economic progress and the division of labor advanced in the 'wealth of nations' found many adherents and admirers and the earlier *****s of Smith were obscured by the enthusiasm created ***** that book. Smith was a positivist ***** a re*****list who believed that noth*****g happens by itself ***** is the basis ***** the idea of 'self interest' and the 'unseen hand ***** guide us to the common good' The


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