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' ***** 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 ***** the ***** between them could be only on the principles which were common and which they agreed to and disagreed in. Smith was a philosopher ********** jurist who studied the economy of his *****. His first popular work 'The theory ***** moral sentiments' was influenced by the Greek and Roman philosophers, and it is regarded ***** equal reverence and ***** the significant work 'An inquiry into the nature and causes of the wealth of nations'. ***** Ricardo on ***** other hand came into 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 ***** their times.

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

***** independence of America, and the ***** of nations' publication brought the principles ***** laissez faire and the seeds of capitalism were tailor economic principles for the new nation. Although Smith did ***** realize it at that ***** and ***** personally pained at the struggle in ***** colonies, his work was to set the ground for ***** 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 ***** a profes*****r of philosophy at Glasgow and the research into that subject was dearer to *****. The ***** of ***** sentiments created a source of new ethics which was ***** basis of the ideas that matured ***** 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 and the earlier works of Smith were obscured by the enthusiasm ***** by that book. Smith was a positivist ***** a re*****list who believed that noth*****g happens by itself which is the basis ***** the idea of 'self interest' and the 'unseen hand ***** guide us to the common good' The


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