David Ricardo, 1772-1823 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 the 19th Century. David Ricardo's family was descended from Iberian Jews who had fled to Holland during a ...

David Ricardo The Principles of Political Economy and Taxation Chapters 1 to 11 Chapters 12 to 22 Chapters 23 to end ...

David Ricardo April 18, 1772 September 11, 1823 Published Works Principles of Political Economy Essay on Profits The High Price of Bullion ...

Back to Modern History SourceBook Modern History Sourcebook: David Ricardo: The Iron Law of Wages, 1817 David Ricardo (1772-1823), an English banker was also an important early economist. His most well-known argument was that wages naturally tended towards a minimum level corresponding to the subsistence needs of the workers. The attraction of this idea for factory owners is evident. It also ...

David Ricardo and Comparative Advantage The Theory of Comparative Advantage David Ricardo, working in the early part of the 19th century, realised that absolute advantage was a limited case of a more general theory. Consider Table 1. It can be seen that Portugal can produce both wheat and wine more cheaply than England (ie it has an absolute advantage in both commodities). What David Ricardo saw ...

Comparative Advantage What is prudence in the conduct of every private family, can scarce be folly in that of a great kingdom. If a foreign country can supply us with a commodity cheaper than we ourselves can make it, better buy it of them with some part of the produce of our own industry, employed in a way in which we have some advantage. The general industry of the country, being always in ...