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

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

The independence of America, ***** the 'wealth of ***** publication brought the ***** of laissez faire and ***** seeds of capitalism were tailor economic principles for the new nation. Although Smith did ***** realize it at ***** time and was personally pained at the struggle in ***** colonies, his work ***** to set the ground ***** ***** ********** 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 pr*****es*****r of philosophy at Glasgow and the research ********** that subject ***** dearer to him. The ***** of moral sentiments created a source of new ethics which was ***** basis of the 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 works of Smith ***** obscured ***** the enthusiasm created by that book. Smith was a positivist and a re*****list who believed that noth*****g happens ***** itself which is the bas***** ***** the idea of 'self interest' and the 'unseen hand ***** guide us to the common good' The


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