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David Ricardo

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David Ricardo

Classical economics

Portrait of David Ricardo by Thomas Phillips.jpg

Portrait of David Ricardo by Thomas Phillips, circa 1821. This painting shows Ricardo, aged 49, just two years before his relatively early death.

Born

18 April 1772
London, England

Died

11 September 1823 (aged 51)
Gatcombe Park, Gloucestershire, England

Nationality

British

Influences

Smith Bentham

Influenced

Ricardian Socialists George John Stuart Mill Sraffa Barro John Ramsay McCulloch Karl Marx Franz Oppenheimer

Contributions

Ricardian equivalence, labour theory of value, comparative advantage, law of diminishing returns, Economic rent[1]

David Ricardo (18 April 1772 11 September 1823) was a British political economist. He was one of the most influential of the classical economists, along with Thomas Malthus, Adam Smith, and John Stuart Mill.[2][3] He began his professional life as a broker and financial market speculator. He amassed a considerable personal fortune, largely from financial market speculation and, having retired, bought a seat to enter Parliament. He held his parliamentary seat for the last four years of his life. Perhaps his most important legacy is his theory of comparative advantage, which suggests that a nation should concentrate solely on those industries in which it is most internationally competitive, trading with other countries to obtain products which are not produced nationally. In essence, Ricardo promoted the idea of extreme industry specialisation by nations, to the point of dismantling competitive and profitable national industries. Ricardo's theory of Comparative Advantage attempted to prove, using simple mathematics, that industry specialization and international trade always produce positive results. This theory expanded on the concept of absolute advantage which does not advocate specialization and international trade in all cases. Ricardo's theory of comparative advantage has been challenged by, among others, Joan Robinson and Piero Sraffa, but remains the corner stone of the arguments in favour of international free trade.

Contents

[hide]

1 Personal life

2 Death and legacy

3 Ideas

3.1 Comparative advantage

3.2 Protectionism

3.3 Criticism of the Ricardian theory of trade

3.4 Value theory

3.5 Rent

3.5.1 Malthus's criticism and Extrapolation of the problem of Ricardian Rent

4 Ricardian equivalence

5 Ricardo's theories of wages and profits

6 His influence and intellectual legacy

6.1 Ricardian socialists

6.2 Georgists

6.3 Neo-Ricardians

6.3.1 Neo-Ricardian trade theory

6.3.2 Evolutionary growth theory

6.3.3 Contemporary theories

6.3.4 Unequal Exchange

7 Publications

8 References

8.1 Notes

8.2 Bibliography

9 External links

Personal life[edit]

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (June 2013)

Born in London, England, Ricardo was the third of 17 children. of a Sephardic Jewish family of Portuguese origin who had recently relocated from the Dutch Republic. His father was a successful stockbroker. He began working with his father at the age of 14. At age 21, Ricardo eloped with a Quaker, Priscilla Anne Wilkinson, and became a Unitarian, leading to estrangement from his family. His father disowned him and his mother apparently never spoke to him again.[4]


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