Economics: Some Important Economists and their Theories PART-1

Adam Smith:

Adam smith has authored a book “An inquiry into the nature and causes of the wealth of nations”.In this Adam Smith defined economics as a science of wealth. He proposed two requirements in his system: the market must be free from government intervention and competition must be in full range. But he put wealth above human. He described children and old age people as secondary, because they cannot contribute in production.

David Recardo:                

David Ricardo is most remembered for his “Theory of Comparative Advantage”. This theory deals with international trade where one country involves in export or import of goods and services with other countries.