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This work, originally published in 1817, is one of the founding
texts of modern economics. Enormously successful as a stockbroker,
David Ricardo (1772 1823) was able to lead the life of a wealthy
country squire, while his intellectual interests caused him to move
in the circles of Thomas Malthus and James Mill. It was at Mill's
urging that Ricardo published this book, entered Parliament in 1819
(as an independent member for a rotten Irish borough) and worked
for financial and parliamentary reform. Ricardo argues in this work
that Adam Smith was mistaken in his understanding of the economic
significance of rent, and also demonstrates the mutual benefit of
free trade between countries, as against protectionism. The book's
findings and conclusions have been controversial since its
publication, but led John Stuart Mill to judge Ricardo 'the
greatest political economist'."
David Ricardo's work on currency was published in 1816, and this
second edition appeared in the same year. Enormously successful as
a stockbroker, Ricardo (1772 1823) was able to lead the life of a
wealthy country squire, while his intellectual interests caused him
to move in the circles of Thomas Malthus and James Mill. Written at
the urging of the Cornish businessman Pascoe Grenfell, M.P., who
shared Ricardo's interest in financial matters, this work considers
the problem of the national debt, in the context of paper money and
whether it should in principle be exchanged at face value for gold
bullion rather than for minted coins. Ricardo was very concerned at
the large profits being made by the Bank of England in its dealings
with the government, and suggests here the creation of an
independent central bank, a proposal to which he later returned."
There can be no rise in the value of labor without a fall of
profits. If the corn is to be divided between the farmer and the
laborer, the larger the proportion that is given to the latter the
less will remain for the former. -from "On Value" Friend to,
colleague of, and influence on the likes of James Mill, Jeremy
Bentham, and Thomas Malthus, revolutionary British writer DAVID
RICARDO (1772-1823) was one of the foundational thinkers of
classical economics, developing theories of rent, wages, profits,
value, and labor that continue to dramatically impact economic
philosophy today. Principles of Political Economy and Taxation,
first published in 1817, is his major work. Here, he introduces the
concept of comparative advantage, explores the impact of taxes,
examines the effects of accumulation of profits and interest,
discusses trade, currency, and banks, and much more. ALSO FROM
COSIMO: Ricardo's Classics of Economics: The High Price of Bullion
and An Essay on Profits British writer DAVID RICARDO (1772-1823)
was one of the foundational thinkers of classical economics,
developing theories of rent, wages, profits, value, and labor that
continue to dramatically impact economic philosophy today.
This landmark treatise of 1817 formulated the guiding principles
behind the market economy. Author David Ricardo, with Adam Smith,
founded the "classical" system of political economy, a school of
thought that dominated economic policies throughout the nineteenth
century and figured prominently in the theories of John Stuart Mill
and Karl Marx. Its foundation of the tenets of diminishing returns
and economic rent led to the doctrines known today as distribution
theory and international trade theory, and the Ricardian system
continues to influence and inform modern economic thought
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