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Sep 1, 2023 · Learn about David Ricardo, a classical economist who developed the theory of comparative advantage, the labor theory of value, the theory of rents, and more. Find out his life story, his published works, and his contributions to economics and politics.
Apr 3, 2024 · David Ricardo, English economist who gave systematized, classical form to the rising science of economics in the 19th century. His laissez-faire doctrines were typified in his Iron Law of Wages, which stated that all attempts to improve the real income of workers were futile.
David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, politician, and member of the Parliament of Great Britain and Ireland. He is recognized as one of the most influential classical economists, alongside figures such as Thomas Malthus, Adam Smith and James Mill.
Ricardian economics are the economic theories of David Ricardo, an English political economist born in 1772 who made a fortune as a stockbroker and loan broker. [1] [2] At the age of 27, he read An Inquiry into the Nature and Causes of Wealth of Nations by Adam Smith and was energised by the theories of economics.
In short, Ricardo was an early believer in the quantity theory of money, or what is known today as monetarism. In his Essay on the Influence of a Low Price of Corn on the Profits of Stock (1815), Ricardo articulated what came to be known as the law of diminishing marginal returns.
The brilliant British economist David Ricardo was one the most important figures in the development of economic theory. He articulated and rigorously formulated the " Classical" system of political economy. The legacy of Ricardo dominated economic thinking throughout most of the 19th Century.
The Labor Theory of Value. The value of a commodity is determined by the amount of labor required for its production. In order to understand the value of marketable commodities, Ricardo presented his labor theory of value, an innovation that would influence economic theory for years to come.
