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

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Adam Smith & David Ricardo - Political Economy


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

Adam Smith: In Brief The theory ***** moral sentiments was published in 1759 and then came the 'wealth 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 was about ***** be born in the Americas. Hume, an ardent admirer of smith urged him to return from ***** continent ***** London stating that it was apt time for him to be involved in the affairs of state. (Hirst, 1904)

The ********** of America, ***** the 'wealth of ***** publication brought the ***** ***** laissez faire and the seeds of capitalism ***** tailor economic principles for ***** new nation. Although ***** did ***** realize it at ***** ***** and ***** personally pained ***** the struggle in the colonies, his work was to set the ground ***** ***** *****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 pr*****es*****r of philosophy at Glasgow and ***** research ********** that subject was dearer to him. The ***** of ***** sentiments created a source of new ethics which was the basis of the ideas that matured into his writings on the ec*****omy. The theory ***** economic progress and the division of labor advanced in the 'wealth of nations' found many adherents and admirers ***** the earlier *****s of Smith were obscured by the enthusiasm created by that book. Smith was a positivist and a re*****list who believed that noth*****g happens by itself ***** is the bas***** ***** the idea of 'self interest' and ***** 'unseen hand that guide us to the common good' The


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