David Ricardo Biography

David Ricardo is the largest theoretical economist of English classical political economy.

The last and most outstanding representative of the classical school of bourgeois political economy in England. He was born on April 18 in London in a Jewish family of a wealthy exchange Mcler, who emigrated from Holland to England. Until the age of 14, Riccardo studied in Holland, and then joined his father on the London Stock Exchange and began to study the foundations of commerce, where he very quickly achieved significant success.

At 21, he abandoned traditional Judaism, which led to a break in family relations. But by that time, Riccardo managed to achieve financial independence, and by the age of 30, thanks to successful exchange operations, he was already a millionaire and a major financial figure in England. The economy fascinated him so much that he devoted the rest of his life to it. Starting from the year, he ceases to engage in business and is completely devoted to scientific research in the field of economic theory, combining science with practical economic activity.

He becomes a member of the House of Commons of the English Parliament from one of the electoral districts of Ireland, advocates the abolition of “bread laws”, supports the requirements for the liberalization of the economy, freedom of trade, etc. In Ricardo, the first club of political economy in England founded. The scientific achievements of the economist are the first works of Ricardo in the field of economics: - “Gold price” in them considered issues of disorder in England, which followed as a result of excessive issuance of banknotes and the cessation of their exchange for gold in order to finance the war against France.

The work of “the beginning of political economy and taxation” was the most fully Ricardo outlined in his main work - “the beginning of political economy and taxation”, the first edition of which appeared in the year. This multifaceted political and economic work nominated its author to the number of outstanding representatives of the classical economic school. In it, he developed methods of scientific research in the economy.

Since that time, political economy has gained the features of science as a system of knowledge about the economic basis of society. The political views of Ricardo Ricardo was a supporter of the concept of economic liberalism, which prevents state intervention in the economy and involving free entrepreneurship and free trade. He considered the determination of the laws governing the distribution of income.

Its authorship also belongs to: - the first clear wording of the quantitative theory of money; - development of rent theory; - wage theory; - study of the processes of movement of goods and money. Some ideas set forth in his writings over time were recognized as insolvent. But the rest of the developments have not lost relevance to this day. So, one of the most famous and relevant ideas today is the theory of a comparative advantage, which is the basis of a process such as globalization.

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