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 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 *****, 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 comparison 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 times. His first popular work 'The ********** of moral sentiments' was influenced by the Greek and Roman philosophers, and it is regarded with equal reverence ***** ***** 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 was a down to earth banker ***** postulated ***** on pure economic issues. Thus to compare the economists we have to see in detail their biography and what they achieved in ***** times.

Adam *****: In Brief The theory ***** moral sentiments ***** published in 1759 and then came the 'wealth of nations'. Dur*****g the later half of 1776 the new country across the seas was being formed. The colonies ***** clamoring for freedom and there was civil war. A ***** country ***** about ***** 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)

The independence of America, ***** the ***** of nations' publication brought the ***** of laissez faire and ***** seeds of capitalism were tailor economic principles for the new nation. Although Smith did ***** realize it at ***** ***** and ***** personally pained ***** 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 ***** modern capitalism, although in his time it was not explicitly known so. Perhaps ***** a professor of philosophy at Glasgow and ***** research in***** that subject was dearer to *****. The ***** of ***** sen*****nts created a source of new ethics which was the basis of ***** ideas that matured *****to 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 works of Smith ***** obscured by the enthusiasm created by that book. Smith was a positivist and a realist who *****lieved that noth*****g happens ***** itself ***** is the basis of the idea of 'self interest' and ***** 'unseen hand that guide us to the common good' The


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