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 *****ories 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 of the environment and the intellectual climate of the times that influenced Adam *****, the 'father of economics'; and Ricardo ***** 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 ********** jurist who studied the economy ***** his *****. His first popular work 'The theory of moral sentiments' was influenced by the Greek and Roman philosophers, and it is regarded with equal reverence ***** ***** the significant ***** 'An inquiry into the nature and causes of the wealth of nations'. ***** ***** on the other hand came ***** the scene almost half a century later, and ***** a down to earth banker ***** postulated ***** ***** pure economic issues. Thus to compare ***** economists we have ***** see in detail their biography and what they achieved in their times.

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

The ********** of America, and the 'wealth of ***** publication brought the principles of laissez faire and the seeds ***** capitalism were tailor economic principles for the new 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 time later. We may thus call Smith the founder of modern capitalism, although ***** his time it was not explicitly known so. Perhaps *****ing a profes*****r of philosophy at Glasgow and the research into that subject was dearer to *****. The *****ory of moral sentiments created a source of ***** ethics which was the basis of ***** ideas that matured into his writings on the economy. The theory of ***** progress and the division of labor advanced in the 'wealth of nations' found many adherents and admirers ***** the earlier *****s of Smith were obscured ***** the enthusiasm created by that book. Smith was a positivist and a re*****list who believed that noth*****g happens by itself which is the basis of the idea of 'self interest' and the 'unseen hand ***** guide us to ***** common good' The


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