David Ricardo
David Ricardo (1772-1823)
- Born in 1772 in London
- Regarded as the father of Classical Theory of Distribution
- Founded Political Economy Club in 1821
- Greatest exponent of the laissez faire school of Economics
Writings
- First pamphlet – The High Price of Bullion -1810
- The Principal of Political Economy and Taxation – 1817
Economic Ideas and Theories
- Theory of Value (Known as Pure Labour Thoery)
Distinguish between
- Value –in –Use & Value in Exchange
- Natural value and market value
- Theory of Distribution
- The Rent Theory
- The Subsistence Theory of Wages
(Socialists called it as “The Iron Law of Wages”)
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- Theory of International Trade (Theory of Comparative Cost or Comparative Advantage – 1817)
- Theory of Economic Development
- Antagonism of Class: Ricardo destroyed the harmony of Social interest.
