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' ***** the classical school ***** Economics necessitates ***** comparison of their intellectual and general lives. It also involves the comparison ***** 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 and ***** comparison between them could be only on the principles which were common and which they agreed to and disagreed in. Smith ***** a philosopher and jurist who studied the economy of his *****. His first popular work 'The theory ***** moral sentiments' was ***** by the Greek ***** Roman philosophers, and it is regarded with equal reverence and ***** the significant ***** 'An inquiry into the nature and causes of the wealth of nations'. David ***** on ***** other hand came ***** the scene almost half a century l*****ter, and ***** a down to earth banker who postulated theories on pure economic issues. Thus to compare the economists we have to see in detail their biography and what ***** achieved ***** ***** times.

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

The *****dependence of America, and the 'wealth of nations' publication brought the principles of laissez faire and the seeds of capitalism were tailor economic principles for ***** ***** nation. Although ***** did not realize it at th***** ***** and was personally pained at the struggle in ***** colonies, his work ***** to set the ground for the *****n way ***** life some time later. We may thus call Smith the founder of modern capitalism, although in his time it was not explicitly known so. Perhaps ***** a professor of philosophy at Glasgow and ***** research ********** that subject ***** dearer to him. The ***** of moral sen*****nts created a source of new ethics which was the basis of ***** ideas that matured into his writings on the economy. The theory ***** ***** progress and the division of labor advanced in the 'wealth of nations' found many adherents ***** admirers and the earlier *****s of Smith were obscured by the enthusiasm created by that book. Smith was a positivist and a realist ***** *****lieved that noth*****g happens ***** itself which is the bas***** ***** the idea of 'self interest' and ***** 'unseen hand that guide us to the common good' The


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