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Sep 1, 2023 · 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.
For David Ricardo, free trade was ever the answer; he envisioned Britain as importing agriculture products in exchange for exporting manufactured goods. [16] Eventually, after his death, the interventionist laws were repealed, and his free trade views became public policy in Britain. [17]
Oct 14, 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.
Jan 16, 2017 · Ricardo became interested in economics when he read Adam Smith’s The Wealth of Nations during a holiday in 1799. He began to write on economic topics in 1809 with a series of articles and a monograph on the causes for inflation in Great Britain that gained him wide notoriety.
He became immensely rich in a very short while. Among his notable financial feats was the establishment of a consortium with John Barnes and James Steers, which went on to win the bid on the Government Loan of 1807 on behalf of the London Stock Exchange.
Ricardo first gained notice among economists over the “bullion controversy.” In 1809 he wrote that England’s inflation was the result of the Bank of England’s propensity to issue excess banknotes. In short, Ricardo was an early believer in the quantity theory of money, or what is known today as monetarism.
He achieved this in his magnum opus, The Principles of Political Economy and Taxation. Building directly on Smith’s work, Principles developed Ricardo’s theories of economical and secure currency, thus laying the basis of the monetary policy of capitalist nations for more than a hundred years.
