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David Ricardo

David Ricardo

Economist

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Quick Facts

Comparative advantage
Classical economics
Labor theory of value

Comparative advantage. Iron law of wages. Economist who built the foundations of free trade theory.

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Life Journey

1772Born in Shadwell, London

David Ricardo was born to Abraham Ricardo and Abigail Delvalle, a Sephardic Jewish family in Shadwell, London. He was the third of 17 children.

1786Begins apprenticeship in stockbroking

Ricardo starts working with his father, who is a successful stockbroker. This early exposure to financial markets shapes his future career and interests in economics.

1793Marries Priscilla Anne Wilkinson

Ricardo marries Priscilla Anne Wilkinson, a Quaker, which causes a rift with his family. Despite this, he remains committed to his marriage and new religious beliefs.

1794Becomes an independent stockbroker

Ricardo establishes his own stockbroker business, which becomes highly successful. His financial acumen and investments bring him considerable wealth.

1809Publishes 'The High Price of Bullion'

Ricardo publishes his first significant economic work, 'The High Price of Bullion,' arguing against the use of paper money and advocating for a return to the gold standard.

1815Publishes 'Principles of Political Economy and Taxation'

Ricardo's most influential work is published, outlining his theories on labor, rent, and comparative advantage, which form the foundation of classical economics.

1819Elected to Parliament

Ricardo is elected as a Member of Parliament for Portarlington, Ireland, where he advocates for free trade and economic reforms.

1821Second edition of 'Principles' published

Ricardo publishes a revised and expanded second edition of 'Principles of Political Economy and Taxation,' further refining his economic theories.

1823Dies in Gatcombe Park, Gloucestershire

David Ricardo dies at his estate, Gatcombe Park, from an infected abscess in his ear. His contributions to economics continue to influence economic thought and policy.

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