67 Facts About David Ricardo

David Ricardo was one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill.

David Ricardo, born in London as the third surviving child of a successful stockbroker and his wife, came from a Sephardic Jewish family of Portuguese origin.

David Ricardo made his fortune financing government borrowing and later retired to an estate in Gloucestershire.

David Ricardo served as High Sheriff of Gloucestershire and bought a seat in Parliament as an earnest reformer.

David Ricardo was friends with prominent figures like James Mill, Jeremy Bentham, and Thomas Malthus, engaging in debates over various topics.

David Ricardo was a member of The Geological Society, and his youngest sister was an author.

David Ricardo believed free trade increased the well-being of people by making goods more affordable.

David Ricardo notably opposed the Corn Laws, which he saw as barriers to economic growth.

David Ricardo died at 51 from an ear infection that led to septicaemia.

David Ricardo left behind a considerable fortune and a lasting legacy, with his free trade views eventually becoming public policy in Britain.

David Ricardo wrote his first economics article at age 37, advocating for a reduction in the note-issuing of the Bank of England.

David Ricardo was an abolitionist and believed in the autonomy of a central bank as the issuer of money.

David Ricardo worked on fixing issues in Adam Smith's Labour Theory of Value, stating that the value of a commodity depends on the labor necessary for its production.

David Ricardo contributed to the development of theories of rent, wages, and profits, defining rent as the difference between the produce obtained by employing equal quantities of capital and labor.

David Ricardo introduced the concept of "comparative advantage," suggesting that nations should concentrate resources only in industries where they have the greatest efficiency of production relative to their own alternative uses of resources.

David Ricardo argued that international trade is always beneficial, even if one country is more competitive in every area than its trading counterpart.

David Ricardo opposed protectionism for national economies and was concerned about the short-term impact of technological change on labor.

The David Ricardo family were Sephardic Jews of Portuguese origin who had recently relocated from the Dutch Republic.

David Ricardo began working with his father at the age of 14.

At the age of 21 David Ricardo eloped with a Quaker, Priscilla Anne Wilkinson, and, against his father's wishes, converted to Unitarianism.

David Ricardo's father disowned him and his mother apparently never spoke to him again.

David Ricardo made the bulk of his fortune by profitably financing Government borrowing.

David Ricardo retired, and subsequently purchased Gatcombe Park, an estate in Gloucestershire, and retired to the country.

David Ricardo held the seat until his death five years later.

David Ricardo was a member of Malthus' Political Economy Club, and a member of the King of Clubs.

David Ricardo was one of the original members of The Geological Society.

David Ricardo divided for repeal of the Blasphemous and Seditious Libels Act; then for inquiry into the Peterloo massacre; and, in 1821, for abolition of the death penalty for forgery.

David Ricardo voted silently for parliamentary reform and in 1822 spoke in its favour at the Westminster anniversary reform dinner; and again voted for criminal law reform.

David Ricardo believed that increasing imports by free trade boosted the wellbeing of mankind by increasing the amount of goods cheaply available for subsistence and consumption.

David Ricardo was said to have "possessed an extraordinary quickness in perceiving in the turns of the market any accidental difference which might arise between the relative price of different stocks".

Ten years after retiring and four years after entering Parliament, David Ricardo died from an infection of the middle ear that spread into his brain and induced septicaemia.

David Ricardo and his wife Priscilla had eight children together including Osman Ricardo, David Ricardo and Mortimer Ricardo, who served as an officer in the Life Guards and was a deputy lieutenant for Oxfordshire.

David Ricardo is buried in an ornate grave in the churchyard of Saint Nicholas in Hardenhuish, now a suburb of Chippenham, Wiltshire.

David Ricardo wrote his first economics article at 37, firstly in The Morning Chronicle advocating reduction in the note-issuing of the Bank of England and then publishing The High Price of Bullion, a Proof of the Depreciation of Bank Notes in 1810.

David Ricardo was an abolitionist, speaking at a meeting of the Court of the East India Company in March 1823, where he said he regarded slavery as a stain on the character of the nation.

David Ricardo wrote the Plan for the Establishment of a National Bank, which argued for the autonomy of the central bank as the issuer of money.

David Ricardo proposed that a ratio of gold and Treasury bills, and a fixed claim against the government, would secure the central bank's liquidity:.

David Ricardo was a man of many trades, economically and financially speaking.

David Ricardo was able to recognize and identify the problem presented through banking within regulations and debauched standards of approval at certain times.

David Ricardo knew that banks in rural areas as well as the Bank of England had increased note lending and overall lending in 1810.

Furthermore, David Ricardo was able to understand and distinguish the socioeconomic makeup that created and established parameters around different classes within the economy.

David Ricardo advocated for the productive powers of labor to be held in high concern as the most influential of devices that played a role in the progression of the American Economy along with others.

David Ricardo wanted to establish a firm ground between the bank and the control over monetary policy because there was power within the banking system that David Ricardo believed needed to be considered carefully.

David Ricardo argued for the most even distribution possible with the highest control readily available.

David Ricardo worked to fix the issues he felt were most concerning with Adam Smith's Labour Theory of Value.

David Ricardo believes that with production having 3 main factors it is impossible for only one of them to determine value on its own.

David Ricardo contributed to the development of theories of rent, wages, and profits.

David Ricardo challenged the idea that the purpose of trade was merely to accumulate gold or silver.

David Ricardo suggested that industry specialization combined with free international trade always produces positive results.

David Ricardo suggested that there is mutual national benefit from trade even if one country is more competitive in every area than its trading counterpart and that a nation should concentrate resources only in industries where it has a comparative advantage, that is in those industries in which it has the greatest efficiency of production relative to its own alternative uses of resources, rather than industries where it holds a competitive edge compared to rival nations.

David Ricardo attempted to prove theoretically that international trade is always beneficial.

Paul Samuelson called the numbers used in David Ricardo's example dealing with trade between England and Portugal the "four magic numbers".

David Ricardo believed landlords tended to squander their wealth on luxuries, rather than invest.

David Ricardo believed the Corn Laws were leading to the stagnation of the British economy.

David Ricardo was concerned about the impact of technological change on labour in the short-term.

David Ricardo himself was the first to recognize that comparative advantage is a domain-specific theory, meaning that it applies only when certain conditions are met.

David Ricardo noted that the theory applies only in situations where capital is immobile.

David Ricardo recognized that applying his theory in situations where capital was mobile would result in offshoring, and thereby economic decline and job loss.

David Ricardo assumed that in both countries two goods are producible and actually are produced, but developed and underdeveloped countries often trade those goods which are not producible in their own country.

Robinson argued that David Ricardo's example required that economies be in static equilibrium positions with full employment and that there could not be a trade deficit or a trade surplus.

David Ricardo's theory is, thus seen, for those who accept the status quo but not for those who want to change it.

David Ricardo's ideas had a tremendous influence on later developments in economics.

David Ricardo's writings fascinated a number of early socialists in the 1820s, who thought his value theory had radical implications.

Georgists believe that rent, in the sense that David Ricardo used, belongs to the community as a whole.

David Ricardo's idea was even expanded to the case of continuum of goods by Dornbusch, Fischer, and Samuelson This formulation is employed for example by Matsuyama and others.

David Ricardo has succeeded to incorporate traded input goods in his model.

David Ricardo's theory became more useful by the discovery of new definition of regular international values, because it is not defined as the normal vector at a facet of world production possibility set, which is the set where all countries enjoy full employment.