Definition
David Ricardo was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill.
David Ricardo
Who was ‘David Ricardo’
David Ricardo was a classical economist known for his Iron Law of Wages, labor theory of value, theory of comparative advantage and 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 is the The Principles of Political Economy and Taxation (1817).
Explaining ‘David Ricardo’
Born in England in 1772, Ricardo had accumulated a sizable estate worth approximately £1 million at the time despite being disinherited by his family after marrying outside his religion. His wealth came from his success with a business he started that dealt government securities. After retiring at age 42, he served as a member of Parliament.
Further Reading
- The dutch and portuguese-jewish background of David Ricardo – www.tandfonline.com [PDF]
- David Ricardo (1772–1823) – www.elgaronline.com [PDF]
- David Ricardo: On the art of “elucidating economic principles” in the face of a “labyrinth of difficulties” – www.tandfonline.com [PDF]
