David Ricardo was a British economist and politician. He is best known for his theories on diminishing returns and comparative advantage.
Personal Information
Full Name –> David Ricardo
Birth Date –> April 18, 1772
Died –> September 11, 1823 Age: 51
Birthplace –> London, Great Britain
Family Origin –> Jewish
Career Highlights
* 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
Books Published
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)