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 *****ories of what was then called 'political economy' and the classical school ***** Economics necessitates ***** comparison of their intellectual and general lives. It also involves the comparison ***** the environment and the intellectual climate of the times that influenced Adam Smith, the 'father of economics'; and 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 and disagreed in. ***** ***** a philosopher and jurist who studied the economy ***** his times. His first popular work 'The *****ory of moral sentiments' was ***** 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'. ***** Ricardo on ***** other hand came ***** the scene almost half a century later, 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 ***** their times.

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

The independence of America, and the 'wealth of ***** publication brought the ***** ***** laissez faire and ***** seeds of capitalism were tailor economic principles for the ***** nation. Although Smith did not realize it at ***** time and was personally pained ***** the struggle in ***** colonies, his work ***** to set the ground for the American way of life some ***** later. We may thus call Smith the founder ***** modern capitalism, although in his time it was not explicitly known so. Perhaps being a profes*****r of philosophy at Glasgow and the research in***** that subject was dearer to him. The ***** of moral sen*****nts created a source of new ethics which was the basis of ***** 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 and the earlier *****s of Smith were obscured ***** the enthusiasm created by that book. Smith was a positivist and a re*****list who believed that nothing happens by itself ***** is the basis ***** the idea of 'self interest' and ***** 'unseen hand ***** guide us to the common good' The


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