David Ricardo

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Historical biographies
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David Ricardo

David Ricardo

Biography (April 18th 1772 - September 11 1823)

David Ricardo, Was born in London England on April 18th 1772. His parents were Sephardic Jews who emigrated from the Netherlands, to England where he was born. David Ricardo was the third son out of 17 of his Jewish siblings, and at the age of 14 joined his father’s business in the stock exchange and made a fortune for himself. He lost ties with his family by the age of 21 due to religious reasons, and then married his Quaker wife Priscilla Ann Wilkinson. Mr. Ricardo continued his successful path in stock exchange and won support from an eminent banking house.

CAREER

David Ricardo’s exponential success allowed him to pursue his interests in literature and science. He was an active reader, writer, and analyzer in the economic world, and his interests allowed him to take step into the fields of mathematics, chemistry, and geology.

Legacy

The legacy David Ricardo left behind was something that couldn’t be mimicked by theorists and economists. His work implemented many of what economist use today as basic laws and principles for literal economic factors in society. When David Ricardo died in 1823, his estate was worth more than $100 million in today’s dollars.

With his own articulate impact on the law of diminishing marginal returns which is still one of the most famous laws in economics. Which held that it “as more and more resources are combined in production with a fixed resource—for example, as more labor and machinery are used on a fixed amount of land—the additions to output will diminish”.

The iron law wages which stated “that all attempts to improve the real income of workers were futile and that wages perforce remained near the subsistence level”, and the principle of comparative advantages.

External Linkshttp://www.britannica.com/biography/David-Ricardohttp://www.victorianweb.org/economics/ric.htmlhttp://www.encyclopedia.com/topic/David_Ricardo.aspxhttp://www.econlib.org/library/Enc/bios/Ricardo.html

“Rejection is an opportunity for your selection.” ― Bernard Branson

"Inflation is always and everywhere a monetary phenomenon."— Milton Friedman

There can be no rise in the value of labour without a fall of profits. - David Ricardo


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