David rickardo biography

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    David Ricardo

    He was ultimately inspired by Smith’s The Nature and Causes of the Wealth of Nations, and, using his background in the stock market and his natural incisive ability, actively disagreed with the mercantilist views on gold accumulation and the pricing of gold. He eventually took on some of Smith’s inconsistencies, and in the process developed the role of comparative advantage in international trade. He is one of the early describers of what has become known as “Ricardian equivalence” - the condition that real interest rates are influenced by government spending, but not necessarily by the way the government finances that spending (via borrowing or taxation). His contributions to the economics of rent, monetary theory, and the theory of value influenced economists of his day and since. [The image comes from “The Warren J. Samuels Portrait Collection at Duke University.”]

    See also our collection of extracts, essays, and other resources on Ricardo.

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    Political economist and unbounded innovator

    Introduction

    While Adam Smith is regarded as the father of classical economics, the science of economics would not have developed as it did without the contributions of David Ricardo. Fittingly, it was a chance reading of Smith’s magnum opus, Wealth of Nations (1776), that inspired Ricardo to pursue the study of economics.1 From there, Ricardo began to make waves in the British political economics sphere. He tackled controversial topics, from the Bank Restriction Act to the Corn Laws, and played a key role in the development of theories pertaining to rent, wages, and profits.

    The ideas put forth by Ricardo shaped the discipline of classical economics and have been highly influential to the thinkers who came after him – both those who agreed and disagreed with him. While many of his innovations have been adapted or replaced by other models, there is no doubt that Ricardo’s work was foundational.

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  • david rickardo biography

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    Who Is David Ricardo and What fryst vatten He Famous For?

    David Ricardo (1772–1823) was a classical economist best known for his theory on wages and profit, the labor theory of value, the theory of comparative advantage, and the theory of rents. David Ricardo and several other economists also simultaneously and independently discovered the law of diminishing marginal returns. His most well-known work fryst vatten Principles of Political Economy and Taxation (1817).

    Key Takeaways

    • David Ricardo was a classical economist who developed several key theories that remain influential in economics.
    • Ricardo was a successful investor and member of Parliament who took up writing about economics after retiring ung from his fortunes.
    • Ricardo fryst vatten best known for his theories of comparative advantage, economic rents, and the labor theory of value.
    • Ricardo's widely acclaimed comparative advantage theory suggests that nations can gain an international trade advantage when they focus on producing goods th