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 theories of what was then called 'political economy' and the classical school of 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 who contributed most of the theories in the classical economics along with Mill and Malthus. They were not contemporaries and ***** ***** between them could be only on the principles which were common and which they agreed to and 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 ***** is the significant work 'An inquiry in***** the nature and causes of the wealth of nations'. ***** Ricardo on the other hand came *****to 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 ***** ***** times.

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

***** ********** of America, and the ***** of ***** publication brought ***** principles of laissez faire and the seeds ***** capitalism were tailor economic principles for the new nation. Although Smith did ***** realize it at ***** ***** and was personally pained ***** the struggle in the colonies, his work ***** 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 professor of philosophy at Glasgow and the research in***** that subject was dearer to *****. The ***** of ***** sentiments created a source of new ethics which was the basis of ***** ideas that matured *****to his writings on the ec*****omy. The theory of ***** 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 ***** by that book. Smith was a positivist and a realist who believed that noth*****g happens ***** itself which is the bas***** of the idea of 'self interest' and ***** 'unseen hand ***** guide us to the common good' The


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