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 *****ir intellectual and general lives. It also involves the comparison of the environment and ***** intellectual climate of the times that influenced Adam Smith, the 'father ***** economics'; ***** Ricardo who contributed most of the theories in the classical economics along with Mill and Malthus. They were not contemporaries ***** ***** ***** between them could be only on the principles which were comm***** and which they agreed to ***** disagreed in. Smith ***** a philosopher *****nd jurist who studied the economy of his times. His first popular work 'The *****ory of moral sentiments' was influenced by the Greek and Roman philosophers, and it is regarded with equal reverence ***** ***** the significant work 'An inquiry in***** the nature and causes of the wealth of nations'. David Ricardo on the other hand came into the scene almost half a century later, and was a down to earth banker who postulated ***** ***** pure economic issues. Thus to compare the economists we have ***** see in detail their biography and what ***** achieved in ***** *****.

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

The *****dependence of America, ***** the 'wealth of nations' publication brought ***** principles ***** laissez faire and the seeds of capitalism ***** tailor economic principles for ***** new nation. Although Smith did ***** realize it at ***** ***** and was personally pained ***** the struggle in ***** colonies, his work was to set the ground for ***** ********** way ***** 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 professor of philosophy at Glasgow and the research in***** that subject ***** dearer to him. The ***** of moral sen*****nts created a source of ***** ethics which was ***** basis of the ideas that matured into his writings on the ec*****omy. The theory of ***** progress and the division of labor advanced in the 'wealth of nations' found many adherents ***** admirers and the earlier *****s of Smith were obscured ***** the enthusiasm ***** by that book. Smith was a positivist and a re*****list ***** believed that nothing happens by itself ***** is the bas***** ***** the idea of 'self interest' and the 'unseen hand ***** guide us to the common good' The


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