Ricardo

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Definition

Proper noun: - David Ricardo: An influential British political economist of the 19th century. He is best known for his theories on comparative advantage, labor theory of value, and the law of diminishing returns, which argued that free market forces of supply and demand should govern an economy.

Usage Notes
  • "Ricardo" is used almost exclusively as a proper noun referring to the historical figure David Ricardo.
  • It is commonly found in academic contexts related to economics, economic history, and political theory.
  • It is typically preceded by the first name "David" for full clarity, though in specialized economic discourse, the surname alone is often sufficient.
Examples
  • In economic history:
    • The theories of Ricardo were foundational to classical economics.
    • David Ricardo developed the principle of comparative advantage to explain the benefits of international trade.
  • In academic discussion:
    • We are studying the debate between Malthus and Ricardo on economic growth.
    • The Ricardian model of trade is still taught in introductory economics courses.
Advanced Usage
  • Ricardian Equivalence: An economic theory suggesting that government borrowing and taxation are equivalent in their effect on the economy, as rational taxpayers will save to pay for future tax increases. It is named after David Ricardo, who first noted the proposition.
    • The policy's effectiveness is debated in light of the concept of Ricardian equivalence.
Variants and Related Words
  • Ricardian (adjective): Pertaining to the economic theories of David Ricardo.
    • The Ricardian theory of rent explains the return to land ownership.
Synonyms
  • David Ricardo (full name)
  • The Classical Economist (in context)
Related Concepts & Phrases
  • Comparative Advantage: Ricardo's most famous theory, stating that countries should specialize in producing goods where they have a lower relative opportunity cost.
    • The textbook explained international trade using Ricardo's principle of comparative advantage.
  • Labor Theory of Value: A theory, advanced by Ricardo and others, that the value of a good is derived from the labor required to produce it.
  • Iron Law of Wages: A concept associated with Ricardo's work, suggesting wages naturally tend toward the subsistence level.
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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