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 ***** the environment and ***** ***** 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 ***** between them could be only on the principles which were common and which they agreed to and disagreed in. ***** was a philosopher ********** jurist who studied the economy of his *****. His first popular work 'The theory of moral sentiments' was ***** by the Greek and Roman philosophers, and it is regarded with equal reverence and ***** the significant work 'An inquiry into the nature and causes of the wealth of nations'. ***** Ricardo on ***** other hand came ***** the scene almost half a century l*****ter, and was a down to earth banker who postulated ***** ***** pure economic issues. Thus to compare ***** economists we have to see in detail their biography and what they achieved ***** ***** times.

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

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


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