David Ricardo

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Definition
  1. Proper noun:
    • English economist: David Ricardo was a British political economist, one of the most influential classical economists.
    • Proponent of free market principles: He is best known for his theory that the laws of supply and demand should operate in a free market with minimal government intervention.
Usage Examples
  • Proper noun:
    • David Ricardo developed the theory of comparative advantage, a fundamental concept in international trade.
    • The ideas of David Ricardo were central to 19th-century economic thought.
    • In his book "On the Principles of Political Economy and Taxation," David Ricardo analyzed the distribution of income among landowners, workers, and capitalists.
Advanced Usage
  • "Ricardian economics": Refers to the school of economic thought based on David Ricardo's theories.
    • Ricardian economics emphasizes the role of labor in determining value and the benefits of free trade.
  • "Ricardian equivalence": A theory (named in reference to his work on public debt) suggesting that government borrowing and taxation are equivalent in their economic effect.
    • The proposition of Ricardian equivalence is a subject of debate among modern economists.
Variants and Related Words
  • Ricardian (adjective): Pertaining to David Ricardo or his economic theories.
    • The Ricardian model of trade simplifies complex economic relationships.
Synonyms
  • Classical economist: A general term for economists of the 18th and 19th centuries, including Ricardo, Adam Smith, and Thomas Malthus.
  • Political economist: A scholar who studies the interaction between politics and economics, a common descriptor for Ricardo's work.
Related Terms and Concepts
  • Comparative advantage: Ricardo's most famous theory, which states that countries should specialize in producing goods where they have a lower relative cost.
    • David Ricardo used the example of English cloth and Portuguese wine to illustrate comparative advantage.
  • Iron law of wages: A theory associated with Ricardo suggesting that wages naturally tend toward the minimum necessary for subsistence.
  • Law of diminishing returns: A principle he applied to agricultural production, stating that adding more labor to a fixed amount of land yields progressively smaller increases in output.
Noun
  1. English economist who argued that the laws of supply and demand should operate in a free market (1772-1823)

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