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 *****ir 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 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 comm***** and which they agreed to and disagreed in. Smith ***** a philosopher and jurist who studied the economy of his *****. His first popular work 'The ********** of moral sentiments' was influenced by the Greek and Roman philosophers, and it is regarded with equal reverence ***** is the significant work 'An inquiry in***** the nature and causes of the wealth of nations'. ***** Ricardo on ***** other hand came *****to the scene almost half a century l*****ter, and was a down to earth banker who postulated ********** ***** pure economic *****sues. Thus to compare the economists we have ***** see in detail their biography and what ***** achieved ***** ***** times.

Adam Smith: In Brief The theory of moral sentiments ***** published in 1759 ***** then came the '*****alth of nations'. During the later half of 1776 ***** new country across the seas was ********** 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 the continent to London stating that it ***** apt time ***** him to be involved in the affairs ***** state. (Hirst, 1904)

The *****dependence of America, ***** the 'wealth of ***** publication brought ***** principles ***** laissez faire and the seeds of capitalism ***** tailor economic principles for the new nation. Although Smith did not realize it at ***** time and was personally pained ***** the struggle in the colonies, his work ***** to set the ground for the *****n way of life some time later. We may thus call Smith the founder ***** modern capitalism, although ***** his time it was not explicitly known so. Perhaps *****ing a profes*****r of philosophy at Glasgow and the research in***** that subject was dearer to *****. The ***** of moral sentiments created a source of new ethics which was ***** basis of the ideas that matured *****to his writings on the ec*****omy. The theory ***** ***** 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 by the enthusiasm ***** ***** 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 that guide us to ***** common good' The


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