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 of 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'; and Ricardo who contributed most of the theories in the classical economics along with Mill and Malthus. They were not contemporaries ***** ***** comparison between them could be only on the principles which were comm***** and which they agreed to ***** disagreed in. Smith was a philosopher and jurist who studied the economy ***** his times. His first popular work 'The theory of moral sentiments' was ***** by the Greek and Roman philosophers, and it is regarded ***** equal reverence and is the significant work 'An inquiry in***** the nature and causes of the wealth of nations'. ***** ***** on the other hand came into 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 ********** biography and what ***** achieved ***** their *****.

Adam *****: In Brief The ***** ***** ***** sentiments ***** published in 1759 and then came the 'wealth of nations'. Dur*****g the later half of 1776 ***** new country across the seas was being formed. The colonies ***** 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 the continent ***** London stating that it was apt time for him to be involved in the affairs ***** state. (Hirst, 1904)

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


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