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David Ricardo

British economist and politician (1772-1823) · Academics · Died at 51

David Ricardo is read about 785 times a day, in 85 languages.

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He built a fortune on government debt, then spent his final years arguing that the policies enriching men like him were strangling the economy.

A life in dates

1823Died11 September 18231821“Utility then is not the measure of exchangeable value, although it is absolutely essential to it.”In their wordsChapter I, Section I, On Value, p. 5

“The wheat bought by a farmer to sow is comparatively a fixed capital to the wheat purchased by a baker to make into loaves.”In their wordsChapter I, Section IV, On Value, p. 19

“Neither machines, nor the commodities made by them, rise in real value, but all commodities made by machines fall, and fall in proportion to their durability.”In their wordsChapter I, Section V, On Value, p. 26

“Rent is that portion of the produce of the earth which is paid to the landlord for the use of the original and indestructible powers of the soil.”In their wordsChapter II, On Rent, p. 33

“LABOUR, like all other things which are purchased and sold, and which may be increased or diminished in quantity, has its natural and its market price.”In their wordsChapter V, On Wages, p. 52

1810“Money is neither a material to work upon nor a tool to work with.”In their wordsThe High Price of Bullion (1810)

1772Born18 April 1772

Also in Deutsch

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In their own words 10

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David Ricardo
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10 statements, newest first
  1. Utility then is not the measure of exchangeable value, although it is absolutely essential to it.

    1821, Chapter I, Section I, On Value, p. 5, Own words

  2. Possessing utility, commodities derive their exchangeable value from two sources: from their scarcity, and from the quantity of labour required to obtain them.

    1821, Chapter I, Section I, On Value, p. 5, Own words

  3. The wheat bought by a farmer to sow is comparatively a fixed capital to the wheat purchased by a baker to make into loaves.

    1821, Chapter I, Section IV, On Value, p. 19, Own words

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About this person

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.

Category
Academics
Type
Academic
Status
deceased
Dates
Lived 1772 to 1823 · aged 51

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