David Ricardo was a British economist and politician. He is best known for his theories on diminishing returns and comparative advantage.
Full Name –> David Ricardo
Birth Date –> April 18, 1772
Died –> September 11, 1823 Age: 51
Birthplace –> London, Great Britain
Family Origin –> Jewish
* Age 21, he defied his parents and eloped with a non-Jew girl. (See, religion is not as important as LOVE.) Naturally, his parents became furious and poor David was disinherited. (What a waste but never mind, he had tons of money he earned from insider trading. This was not a crime at that time).
* Age 27, he read Adam Smith’s book The Wealth of Nations and from then on he got hook on economics.
* Age 47, he became a member of the British parliament.
Contribution to Science
* Printed money leads to inflation
* Law on Diminishing returns
* Comparative advantage
1. The High Price of Bullion, a Proof of the Depreciation of Bank Notes (1810)
2. Essay on the Influence of a Low Price of Corn on the Profits of Stock (1815)
3. On the Principles of Political Economy and Taxation (1817)
David Ricardo made great contributions to economic theory, especially macroeconomics: he analyzed the relationship between profits and wages, which was one of the bases of the law of diminishing returns. The quantity theory of money was also his work. The biography of this outstanding English economist is very interesting. Good weekend to you.