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Biography of David Ricardo - Research Paper Example

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The researcher of this essay talks about the track of David Ricardo, a fine economist of the 19th century. His economic theory of labor values, a theory of rent and theory of comparative advantage remain actual. His personal life affected his achievements in economics and successful busyness.
 
 
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Biography of David Ricardo
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Download file to see previous pages David Ricardo had also contributed as the member of the parliament, a businessman i.e. stockbroker and loan broker, a speculator and a financier. He had made his personal fortune through his work and achievements. Still, his contribution in the law of comparative advantage is valued which was the argument supporting the free trade in between many countries and to favor the specialization for the individuals. The main arguments that Ricardo provided were that free trade is always beneficial for both the parties even if one is stronger and the other one is weaker or unskilled. It has a mutual benefit and the highly resourced countries can provide benefit to the low resourced countries as well.
Ricardo made his fortune such that when he died he possessed an estate which was worth $100 million dollars of today. When Ricardo was twenty-seven years old, he got excited about economics after reading The Wealth of Nations by Adam Smith. He then wrote his first economics article at the age of thirty-seven and later spent the remaining fourteen years of his life as a professional political economist. Ricardo was also one of the early believers of the concept of monetarism as he understood the quantity theory of money very well. But what matters is the background in which Ricardo started his career as an economist and what made him so independent and self-made. He suffered many problems in life because of which he chose his ways himself.
His main economic ideas were presented by his theory of rent, the labor theory of value and the theory of competitive advantage. His labor theory of value stated that the price of the two goods produced will be determined by the number of labors involved in their production. However, there were some assumptions on which this theory stood, and they were; the two sectors should have the same wage and profit rate, the capital employed is from the wages only and the period of production is the same for both the goods. After a keen analysis, Ricardo himself felt that he had imposed the second and third assumptions quite unrealistically and thus gave two exceptions too.  ...Download file to see next pagesRead More
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