BROWSE

David Ricardo

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.

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]
This volume is a collection of personal correspondence and first-person recollections that focus on Ricardo's life outside of his political economic endeavors. These missives concern the aspects of Ricardo's life that surround his character, his amiable and generous nature …

David Ricardo (1772–1823)David Ricardo (1772–1823)
www.elgaronline.com [PDF]
This volume is a collection of personal correspondence and first-person recollections that focus on Ricardo's life outside of his political economic endeavors. These missives concern the aspects of Ricardo's life that surround his character, his amiable and generous nature …

David Ricardo: On the art of “elucidating economic principles” in the face of a “labyrinth of difficulties”David Ricardo: On the art of “elucidating economic principles” in the face of a “labyrinth of difficulties”
www.tandfonline.com [PDF]
This volume is a collection of personal correspondence and first-person recollections that focus on Ricardo's life outside of his political economic endeavors. These missives concern the aspects of Ricardo's life that surround his character, his amiable and generous nature …



Q&A About David Ricardo


What is David Ricardo's nationality?

British.

Where did the Ricardos relocate from to England?

The Dutch Republic.

What is 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.

Who were the most influential classical economists along with David Ricardo, Thomas Malthus and Adam Smith?

James Mill and Heertje.

Why do you think he became so wealthy despite being disinherited by his family after marrying outside his religion?

His wealth came from success with a business that dealt government securities.

What position did he hold after retiring from his business career at age 42?

He served as a member of Parliament.

What was David Ricardo's occupation?

Political economist.

Who discovered the law of diminishing marginal returns along with several other economists simultaneously and independently ?

David Ricardo and several other economists also simultaneously and independently discovered the law of diminishing marginal returns .

How much money did Ricardo accumulate during his lifetime?

Approximately 1 million pounds.

What kind of business did he start that allowed him to become wealthy?

He started a business dealing government securities.

How old was he when he died?

He died at the age of 67.

In what work is this law most well-known ?

The Principles Of Political Economy And Taxation (1817)

Where was David Ricardo born?

He was born in England in 1772.

How old was David when he eloped with his wife?

21 years old.