Adam Smith is known as father of economics. We get his ideas about economic development from his well-known book, “An Enquiry into the Nature and Causes of Wealth of Nations” (1976) which has tremendously influenced the thinking about economic growth and development. We briefly explain below his ideas about economic development. We will study below that he advocated the policy [...]
Although Ricardo drew heavily on Adam Smith's writings, yet he was the first economist who presented the classical thought in a consistent body of economic analysis, presented in a vigorous form. His ideas are embodied in his book, The Principles of Political Economy and Taxation (1817) and the many letters that he addressed to contemporary economists. The Ricardian theory of [...]
We generally remember Robert Malthus as the propounder of his famous Theory of Population. But it is well to remember that Malthus had also some important things to say about economic development and it is refreshing to note that in several ways he anticipated the later economists like Keynes and Kaleeki. Also, the Malthusian version of economic growth represents in [...]