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Video: David Ricardo - famous economist
2024 Author: Henry Conors | [email protected]. Last modified: 2024-02-12 02:41
David Ricardo was born in 1772, April 19, in London. His family emigrated to England just before David was born. Banker parents sent their son to study in Holland, but at the age of 14 he began working with his father, conducting commercial operations on the London Stock Exchange.
At 21, David quarreled with his father on religious grounds, he was going to marry a Protestant and renounced Judaism.
Father deprived him of maintenance for this act. David Ricardo did not lose heart for long, his biography changed dramatically by the age of 25. He became a millionaire, earning a decent fortune on the stock exchange.
New activities and new ideas
Becoming a we althy man, David Ricardo lost interest in the stock exchange. During this period, he became interested in economics as a science. After reading Adam Smith's The We alth of the People, he followed suit, simultaneously joining him in the fight against the landed aristocracy and in doing so becoming one of his strongest opponents. The authorship of Ricardo belongs to many works in which he analyzes the processes in the economy of his time. mostthe largest of these is The Beginnings of Political Economy and Taxation, which he wrote in 1817.
According to Ricardo, the value of a product depends on the amount of labor expended. Based on this idea, he developed a theory of distribution that explained how this value would be compared with different classes in society. From that moment on, Ricardo was more interested in political economy, which, he believed, tried to find answers to questions about the causes of the well-being of society.
Researchers claim that many famous economists of that time closely communicated and collaborated with David Ricardo. But he had a special relationship only with James Miele. Samuelson points out that if it weren't for Elder Miles, David Ricardo would never have written the book that made him famous in 1817.
The works of this great economist became the basis of the monetary policy of the capitalist countries for the next hundred years. He explained the theories of production, profit and control. He described why people invest and consume, why they unproductively squander everything they have. He was the first to establish that economics, as a science, is a set of principles related to material values.
Political career
At 47, David Ricardo left his business and decided to continue his scientific research in the field of economic theory. In order to promote his ideas in society, he achieved his election to the House of Commons in 1819. English Parliament from the constituency of Ireland. It is worth noting that he became the second Jew to be elected to parliament. In his speeches, he supported the demands for freedom of the press, trade, the removal of restrictions on the right to assemble, and so on.
In 1921, David Ricardo founded the first English political economy club. In the future, many of the economist's scientific theories were discarded as unnecessary. But at the same time, it is documented that his research influenced the activities of Karl Marx, John Stewart.
Ricardo's specific approach continues to win adherents to this day.
The famous economist died at the age of 51, 1823-11-09 in the UK.
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