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Adam Smith & David Ricardo - Political Economy


***** compare two persons who began and closed the *****ories 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 Smith, the 'father of economics'; ***** Ricardo who 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 comm***** and which they agreed to ***** disagreed in. ***** ***** a philosopher ********** 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 work 'An inquiry into the nature and causes of the wealth of nations'. ***** Ricardo on ***** other hand came ***** the scene almost half a century later, and was a down to earth banker who postulated ***** on pure economic issues. Thus to compare the economists we have to see in detail *****ir biography and what they achieved in their *****.

Adam Smith: In Brief The theory ***** ***** sentiments ***** published in 1759 ***** then ***** the '*****alth of nations'. During the later half of 1776 the new country across the seas was being formed. The colonies were clamoring for freedom and there was civil war. A new country ***** about ***** 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 ***** him to be involved in the affairs of state. (Hirst, 1904)

The *****dependence of America, ***** the 'wealth of ***** publication brought ***** principles of laissez faire and the seeds ***** capitalism were tailor economic principles for ***** ***** nation. Although ***** did not realize it at th***** ***** and was personally pained at the struggle in the colonies, his work ***** to set the ground ***** the *****n way of 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 ***** a professor of philosophy at Glasgow and the research ********** that subject ***** dearer to *****. The theory of moral sen*****nts created a source of new ethics which was the basis of the ideas that matured into his writings on the economy. The theory ***** economic 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 and a re*****list who believed that nothing happens by itself which is the bas***** ***** the idea of 'self interest' and the 'unseen hand that guide us to the common good' The


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