David Ricardo is a famous economist

David Ricardo was born in 1772, on April 19, inLondon. His family emigrated to England just before the birth of David. Parents-bankers sent their son to study in Holland, but already at the age of 14 he began to work with his father, to conduct commercial operations on the London Stock Exchange.

At the age of 21, David quarreled with his father on religious grounds, he was going to marry a Protestant and renounced Judaism.

Father for this act deprived him of his content. David Ricardo was not long overjoyed, his biography changed dramatically by the age of 25. He became a millionaire, earning a decent condition on the exchange.

New activities and new ideas

Becoming a wealthy man, David Ricardolost interest in the stock exchange. During this period he was interested in economics as a science. After reading the work "The Wealth of the People" by Adam Smith, he followed his example, simultaneously joining him in the fight against the landed aristocracy and at the same time becoming one of his strongest opponents. Ricardo's writings include many works in which he analyzes the processes in the economy of his time. The largest of these is the book "The Beginning of Political Economy and Taxation," which he wrote in 1817.

According to Ricardo, the value of the product depends onamount of labor expended. Based on this idea, he developed a theory of distribution, which explained how this value is compared with different classes in society. From that moment Ricardo was more interested in political economy, which, he believed, tried to find answers to questions about the reasons for the well-being of society.

Researchers claim that many famouseconomists of that time closely communicated and cooperated with David Ricardo. But he had a special relationship only with James Mil. Samuelson notes that if it were not for the older Mile, David Ricardo would never have written a book in 1817 that made him famous.

The works of this great economist have become the basismonetary policy of the capitalist countries for the next hundred years. He explained the theory of production, profit and control. He described why people invest and consume, why they waste all that they have. He was the first to establish that economics, as a science, is a set of principles related to material values.

Political career

At 47, David Ricardo left his occupation insphere of business and has decided to continue scientific researches in the field of the economic theory. To promote his ideas in society, he achieved in 1819 his election to the House of Commons of the English Parliament from the electoral circuit of Ireland. It is worth noting that he became the second Jew, who was elected to parliament. In his speeches, he supported the demands for freedom of the press, trade, the lifting of restrictions on the right of assembly and so on.

In 1921, David Ricardo founded the firstEnglish club of political economy. In the future many of the economist's scientific theories were discarded as unnecessary. But it is documented that his research influenced the activities of Karl Marx, John Stewart.

Specific approach Ricardo and to this day continues to win adherents.

The famous economist died at the age of 51, 11.09.1823 in the UK.