David Ricardo
British economist and politician (1772-1823) · Academics · Died at 51
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Something wrong?He built a fortune on government debt, then spent his final years arguing that the policies enriching men like him were strangling the economy.
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Utility then is not the measure of exchangeable value, although it is absolutely essential to it.
Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them.
The wheat bought by a farmer to sow is comparatively a fixed capital to the wheat purchased by a baker to make into loaves.
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Born in 1772 to a Sephardic stockbroker in London, Ricardo broke with his family at 21 when he eloped with a Quaker and converted to Unitarianism. He made his wealth financing government borrowing, retired to Gloucestershire, and entered Parliament as MP for Portarlington. There he fought the Corn Laws and protectionism, convinced that free trade lowered prices and lifted nations. He wrote his first economics article at 37, fixing gaps in Adam Smith's labor theory and developing his own frameworks for rent, wages, and profits. His theory of comparative advantage - that even weaker economies gain from trade by specializing where they're least inefficient - became the cornerstone argument against mercantilism. He died at 51 in 1823 from an ear infection that turned septic, leaving a fortune and a doctrine that would eventually become British policy.
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