David
Ricardo was a British Political Economist, Politician and member of the
Parliament of Great Britain and Ireland. He is recognized as one of the most
influential classical economists. He was a man of the financial world.
Biography
¬ Born: On 18th of
April 1772 in London, England.
¬ Personal Life: Ricardo was the third surviving
children of successful
stockbroker Abraham
Israel Ricardo and Abigail. He was leaved from his family at 21 for marrying
outside his religion.
¬ Profession: Businessman - At the age
of 14th (in 1786), he entered into business with his father,
who had made a fortune on the London stock exchange as a stockbroker.
& Economist.
Ricardo’s
interest in economic questions began in 1799, when he read an Inquiry of the
Wealth of Nations, by the Scottish economist and Adam Smith. His first
published pamphlet was The High Price of Bullion, a Proof of the Depreciation of
Bank Notes in
1810. For 10 years he studied economics with greater concentration. Bullion Committee confirmed
Ricardo’s views and recommended the revoke of the Bank Restriction Act.
Economist James Mill (Scottish, historian,
economist, political theorist, and philosopher) was a political and
editorial counselor to Ricardo. At the
age of 42 (in 1814), he had retired from business.
His
essays on the Influence of a Low Price of
Corn on the Profits of Stock were published in 1815 and regulated the import and
export of grain. This essay established him as one of the England’s most able
economists. Later,
he published a book on Principles of Political Economy
and Taxation in 1817. This book was replaced
the Wealth of Nations by Adam Smith. In 1819 Ricardo purchased a
seat in the House of Commons and entered Parliament
as a member. Ricardo retired from Parliament in 1823 because of an illness. He died that year at the
age of 51. Ricardo achieved a leading position among the economists of his time
even in a
shorter period. The Ricardo’s work continuous to attract attention is evidenced
by its
recent reexamination.
Written
by:
Imthiyas Sameera
References:
Stanley,L and
Randy,R.(2013) The Evolution of Economic Thought(8th edition)
.[online].Available at https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://handoutset.com/wp-content/uploads/2022/05/The-Evolution-of-Economic-Thought-Stanley-Brue-Randy-Grant.pdf&ved=2ahUKEwjl08qqk_iAAxX6dPUHHWQJC5Q4HhAWegQIChAB&usg=AOvVaw1r8kZJFdBDxtq6zvGJt5Cc Accessed on 21st of August 2023.
David
Ricardo – British economist at https://www.britannica.com/biography/David-Ricardo Accessed on 21st of August 2023
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