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He and his wife Priscilla had eight children together including Osman Ricardo (1795–1881; MP for Worcester 1847–1865), David Ricardo (1803–1864, MP for Stroud 1832–1833) and Mortimer Ricardo, who served as an officer in the Life Guards and was a deputy lieutenant for Oxfordshire.
His sons include Osman Ricardo (1795–1881), who was an M.P. for Worcester (1847–1865); David Ricardo (1803–1864), who was an M.P for Stroud (1832–1833); and Mortimer Ricardo, who was a lifeguard officer and a deputy lieutenant for Oxfordshire.
Oct 14, 2024 · David Ricardo (born April 18/19, 1772, London, England—died September 11, 1823, Gatcombe Park, Gloucestershire) was an English economist who gave systematized, classical form to the rising science of economics in the 19th century.
- Early Life and Education
- Notable Accomplishments
- Published Works
- The Bottom Line
Born in England in 1772, one of 17 children, David Ricardo began working with his father as a stockbroker at the age of 14. He was disowned by his father at 21, however, for marrying outside his religion. His wealth came from his success with a business he started that dealt with government securities. He retired at the age of 41 after earning an e...
Comparative Advantage Theory
Among the notable ideas that Ricardo introducedwas the theory of comparative advantage, which argued that countries can benefit from international trade by specializing in the production of goods for which they have a relatively lower opportunity cost in production even if they do not have an absolute advantagein the production of any particular good. For example, a mutual trade benefit would be realized between China and the United Kingdom from China specializing in the production of porcela...
Labor Theory of Value
Another of Ricardo's best-known contributions to economics was the labor theory of value. The labor theory of value states that the value of a good could be measured by the labor that it took to produce it. The theory states that the cost should not be based on the compensation paid for the labor, but on the total cost of production. One example of this theory is that if a table takes two hours to make, and a chair takes one hour to make, one table is worth two chairs, regardless of how much...
Theory of Rents
Ricardo was the first economist to discuss the idea of rents, or benefits that accrue to the owners of assets solely due to their ownership rather than their contribution to any actual productive activity. In its original application, agricultural economics, the theory of rents shows that the benefits of a rise in grain prices will tend to accrue to the owners of agricultural lands in the form of rents paid by tenant farmers. Ricardo's idea was later also applied to political economics, in th...
In his Essay on the Influence of a Low Price of Corn on the Profits of Stock(1815), Ricardo conceptualized the law of diminishing returns with respect to labor and capital. Ricardo wrote his first article on economics, published in The Morning Chronicle, at the age of 37. The article advocated for the Bank of England to reduce its note-issuing acti...
David Ricardo was an 18th-century English economist renowned for his contributions to economic theory. He developed the comparative advantage theory, labor theory of value, and the theory of rents, which have founded other schools of thought and form the basis of current economic policies and decisions. Although best known for his work in economics...
He was disowned by his parents, however, when at the age of twenty-one he married a Quaker, Priscilla Wilkinson, and joined the Unitarian Church. As a result, despite his family’s wealth, Ricardo was left to make his own way on the exchange.
Jun 11, 2018 · Ricardo, David (1772–1823). Born in London of Dutch parents, Ricardo's career 1793–1814 was as a stockjobber, initially in the family firm. Accruing a reasonable fortune, he bought the country estate of Gatcombe Park in 1814; by 1819 he was elected member of Parliament.
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The third child of Abigail and Abraham (a prosperous Jewish stockbroker who had emigrated to London from Holland), Ricardo attended school in London and Amsterdam and at the age of fourteen entered his father’s business. In 1793 he married a Quaker, Priscilla Wilkinson, with whom he was to have eight children.
