David Ricardo

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David Ricardo
Portrait of David Ricardo by Thomas Phillips.jpg
Portrait of David Ricardo by Thomas Phillips, circa 1821. This painting shows Ricardo, aged 49, just two years before his death.
Member of Parliament
for Portarlington
In office
20 February 1819 11 September 1823
Preceded by Richard Sharp
Succeeded byJames Farquhar
Personal details
Born(1772-04-18)18 April 1772
London, England
Died11 September 1823(1823-09-11) (aged 51)
Gatcombe Park, Gloucestershire, England
NationalityBritish
Political party Whig
Spouse(s)
Priscilla Anne Wilkinson(m. 17931823)
Children6 children, including David the Younger
Profession
  • Businessman
  • economist
Academic career
School or
tradition
Classical economics
Influences Smith  · Bentham
Contributions Ricardian equivalence, labour theory of value, comparative advantage, law of diminishing returns, Ricardian socialism, Economic rent [1]

David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, one of the most influential of the classical economists along with Thomas Malthus, Adam Smith and James Mill. [2] [3]

Political economy Study of production, buying, and selling, and their relations with law, custom, and government

Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth. As a discipline, political economy originated in moral philosophy, in the 18th century, to explore the administration of states' wealth, with "political" signifying the Greek word polity and "economy" signifying the Greek word "okonomie". The earliest works of political economy are usually attributed to the British scholars Adam Smith, Thomas Malthus, and David Ricardo, although they were preceded by the work of the French physiocrats, such as François Quesnay (1694–1774) and Anne-Robert-Jacques Turgot (1727–1781).

Classical economics or classical political economy is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange.

Adam Smith 18th-century Scottish moral philosopher and political economist

Adam Smith was a Scottish economist, philosopher and author as well as a moral philosopher, a pioneer of political economy and a key figure during the Scottish Enlightenment, also known as ''The Father of Economics'' or ''The Father of Capitalism''. Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. In his work, Adam Smith introduced his theory of absolute advantage.

Contents

Personal life

Born in London, England, Ricardo was the third of 17 children of a Sephardic Jewish family of Portuguese origin who had recently relocated from the Dutch Republic. [4] His father, Abraham Ricardo, was a successful stockbroker. [4] He began working with his father at the age of 14. At age 21, Ricardo eloped with a Quaker, Priscilla Anne Wilkinson, and, against his father's wishes, converted to the Unitarian faith. [5] This religious difference resulted in estrangement from his family, and he was led to adopt a position of independence. [6] His father disowned him and his mother apparently never spoke to him again. [7]

Sephardi Jews Jewish ethnic group

Sephardi Jews, also known as Sephardic Jews or Sephardim, originally from Sepharad, Spain, or Portugal, are a Jewish ethnic division. They established communities throughout areas of modern Spain and Portugal, where they traditionally resided, evolving what would become their distinctive characteristics and diasporic identity, which they took with them in their exile from Iberia beginning in the late 15th century to North Africa, Anatolia, the Levant, Southeastern and Southern Europe, as well as the Americas, and all other places of their exiled settlement, either alongside pre-existing co-religionists, or alone as the first Jews in new frontiers. Their millennial residence as an open and organised Jewish community in Iberia began to decline with the Reconquista and was brought to an end starting with the Alhambra Decree by Spain's Catholic Monarchs in 1492, and then by the edict of expulsion of Jews and Muslims by Portuguese king Manuel I in 1496, which resulted in a combination of internal and external migrations, mass conversions and executions. In 2015 both Spain and Portugal passed laws which allowed Sephardim who could prove their origins in those countries to apply for citizenship.

Portuguese people ethnic group

Portuguese people are a Romance ethnic group indigenous to Portugal that share a common Portuguese culture, ancestry and speak Portuguese. Their predominant religion is Christianity, mainly Roman Catholicism, though vast segments of the population, especially the younger generations, have no religious affiliation. Historically, the Portuguese people's heritage largely derives from the pre-Celts and Celts, who became culturally Romanized during the conquest of the region by the ancient Romans. A number of Portuguese can also trace minor descent from Germanic tribes who arrived after the Roman period as ruling elites, including the Suebi and Visigoths in northern Portugal and central Portugal. Finally, there were also limited conversions of Jews and Berbers as a result of the Moorish occupation of the Iberian Peninsula, especially in the Algarve region of southern Portugal.

Dutch Republic Republican predecessor state of the Netherlands from 1581 to 1795

The United Provinces of the Netherlands, or simply United Provinces, and commonly referred to historiographically as the Dutch Republic, was a confederal republic formally established from the formal creation of a confederacy in 1581 by several Dutch provinces—seceded from Spanish rule—until the Batavian Revolution of 1795. It was a predecessor state of the Netherlands and the first fully independent Dutch nation state.

Following this estrangement he went into business for himself with the support of Lubbocks and Forster, an eminent banking house. He made the bulk of his fortune as a result of speculation on the outcome of the Battle of Waterloo. The Sunday Times reported in Ricardo's obituary, published on 14 September 1823, that during the Battle of Waterloo Ricardo "netted upwards of a million sterling", a huge sum at the time. He immediately retired, his position on the floor no longer tenable, and subsequently purchased Gatcombe Park, an estate in Gloucestershire, now owned by Princess Anne, the Princess Royal and retired to the country. He was appointed High Sheriff of Gloucestershire for 1818–19. [8]

Battle of Waterloo Battle of the Napoleonic Wars in which Napoleon was defeated

The Battle of Waterloo was fought on Sunday, 18 June 1815 near Waterloo in Belgium, part of the United Kingdom of the Netherlands at the time. A French army under the command of Napoleon Bonaparte was defeated by two of the armies of the Seventh Coalition: an army consisting of units from Britain, Ireland, the German Legion, the Netherlands, Hanover, Brunswick and Nassau, under the command of the Duke of Wellington, referred to by many authors as the Anglo-allied army, and a Prussian army under the command of Field Marshal Blücher. The battle marked the end of the Napoleonic Wars.

Gatcombe Park country house in Minchinhampton, Gloucestershire, UK

Gatcombe Park is the country residence of Anne, Princess Royal between the villages of Minchinhampton and Avening in Gloucestershire, England. Built in the late 18th century to the designs of George Basevi, it is a Grade II* listed building. It is a royal residence as it is home to the Princess Royal, and is privately owned. Parts of the grounds open for events, including horse trials and craft fairs.

Gloucestershire County of England

Gloucestershire is a county in South West England. The county comprises part of the Cotswold Hills, part of the flat fertile valley of the River Severn, and the entire Forest of Dean.

In August 1818 he bought Lord Portarlington's seat in Parliament for £4,000, as part of the terms of a loan of £25,000. His record in Parliament was that of an earnest reformer. He held the seat until his death five years later.

Ricardo was a close friend of James Mill. Other notable friends included Jeremy Bentham and Thomas Malthus, with whom Ricardo had a considerable debate (in correspondence) over such things as the role of landowners in a society. He also was a member of Malthus' Political Economy Club, and a member of the King of Clubs. He was one of the original members of The Geological Society. [7] His youngest sister was author Sarah Ricardo-Porter (e.g., Conversations in Arithmetic).

James Mill Scottish historian, economist, political theorist and philosopher

James Mill was a Scottish historian, economist, political theorist, and philosopher. He is counted among the founders of the Ricardian school of economics. His son, John Stuart Mill, was also a noted philosopher of liberalism, utilitarianism and the civilizing mission of the British Empire.

Jeremy Bentham British philosopher, jurist, and social reformer

Jeremy Bentham was an English philosopher, jurist, and social reformer regarded as the founder of modern utilitarianism.

The Political Economy Club was founded by James Mill and a circle of friends in 1821 in London, for the purpose of coming to an agreement on the fundamental principles of political economy. David Ricardo, James Mill, Thomas Malthus, and Robert Torrens were among the original luminaries.

Parliamentary record

He voted with the opposition in support of the liberal movements in Naples, 21 Feb, and Sicily, 21 June, and for inquiry into the administration of justice in Tobago, 6 June. He divided for repeal of the Blasphemous and Seditious Libels Act, 8 May, inquiry into the Peterloo massacre, 16 May, and abolition of the death penalty for forgery, 25 May, 4 June 1821.

Naples Comune in Campania, Italy

Naples is the regional capital of Campania and the third-largest municipality in Italy after Rome and Milan. In 2017, around 967,069 people lived within the city's administrative limits while its province-level municipality has a population of 3,115,320 residents. Its continuously built-up metropolitan area is the second or third largest metropolitan area in Italy and one of the most densely populated cities in Europe.

Tobago autonomous island in the Republic of Trinidad and Tobago

Tobago is an island within the Republic of Trinidad and Tobago. It is located 35 kilometres (22 mi) northeast of the mainland of Trinidad and southeast of Grenada, about 160 kilometres (99 mi) off the coast of northeast Venezuela. According to the earliest English-language source cited in the Oxford English Dictionary, Tobago bore a name that has become the English word tobacco. The official bird of Tobago is the cocrico.

He adamantly supported the implementation of free trade. He voted against renewal of the sugar duties, 9 Feb, and objected to the higher duty on East as opposed to West Indian produce, 4 May 1821. He opposed the timber duties. He voted silently for parliamentary reform, 25 Apr 3 June, and spoke in its favour at the Westminster anniversary reform dinner, 23 May 1822. He again voted for criminal law reform, 4 June.

His friend John Louis Mallett commented: " … he meets you upon every subject that he has studied with a mind made up, and opinions in the nature of mathematical truths. He spoke of parliamentary reform and ballot as a man who would bring such things about, and destroy the existing system tomorrow, if it were in his power, and without the slightest doubt on the result … It is this very quality of the man’s mind, his entire disregard of experience and practice, which makes me doubtful of his opinions on political economy."

Death and legacy

Ten years after retiring and four years after entering Parliament Ricardo died from an infection of the middle ear that spread into the brain and induced septicaemia. He was 51.

He had eight children, including three sons, of whom Osman Ricardo (1795–1881; MP for Worcester 1847–1865) and another David Ricardo (1803–1864, MP for Stroud 1832–1833), became members of parliament, while the third, Mortimer Ricardo, served as an officer in the Life Guards and was a deputy lieutenant for Oxfordshire. [9]

Ricardo is buried in an ornate grave in the churchyard of Saint Nicholas in Hardenhuish, now a suburb of Chippenham, Wiltshire. At the time of his death his fortune was estimated at about £600,000.

Ideas

He wrote his first economics article at age 37, firstly in The Morning Chronicle advocating reduction in the note-issuing of the Bank of England and then publishing "The High Price of Bullion, a Proof of the Depreciation of Bank Notes" in 1810. [10]

He was also an abolitionist, speaking at a meeting of the Court of the East India Company in March 1823, where he said he regarded slavery as a stain on the character of the nation. [11]

Value theory

Ricardo's most famous work is his Principles of Political Economy and Taxation (1817). He advanced a labor theory of value: [12]

The value of a commodity, or the quantity of any other commodity for which it will exchange, depends on the relative quantity of labour which is necessary for its production, and not on the greater or less compensation which is paid for that labour.

Ricardo's note to Section VI: [13]

Mr. Malthus appears to think that it is a part of my doctrine, that the cost and value of a thing be the same;—it is, if he means by cost, "cost of production" including profit.

Rent

Ricardo contributed to the development of theories of rent, wages, and profits. He defined rent as "the difference between the produce obtained by the employment of two equal quantities of capital and labor." Ricardo believed that the process of economic development, which increased land utilization and eventually led to the cultivation of poorer land, principally benefited landowners. According to Ricardo, such premium over "real social value" that is reaped due to ownership constitutes value to an individual but is at best [14] a paper monetary return to "society". The portion of such purely individual benefit that accrues to scarce resources Ricardo labels "rent".

Ricardo's theories of wages and profits

In his Theory of Profit, Ricardo stated that as real wages increase, real profits decrease because the revenue from the sale of manufactured goods is split between profits and wages. He said in his Essay on Profits, "Profits depend on high or low wages, wages on the price of necessaries, and the price of necessaries chiefly on the price of food."

Ricardian theory of international trade

Between 1500 and 1750 most economists advocated Mercantilism which promoted the idea of international trade for the purpose of earning bullion by running a trade surplus with other countries. Ricardo challenged the idea that the purpose of trade was merely to accumulate gold or silver. With "comparative advantage" Ricardo argued in favour of industry specialisation and free trade. He suggested that industry specialization combined with free international trade always produces positive results. This theory expanded on the concept of absolute advantage.

Ricardo suggested that there is mutual national benefit from trade even if one country is more competitive in every area than its trading counterpart and that a nation should concentrate resources only in industries where it has a comparative advantage, [15] that is in those industries in which it has the greatest competitive edge. Ricardo suggested that national industries which were, in fact, profitable and internationally competitive should be jettisoned in favour of the most competitive industries, the assumption being that subsequent economic growth would more than offset any economic dislocation which would result from closing profitable and competitive national industries.

Ricardo attempted to prove theoretically that international trade is always beneficial. [16] Paul Samuelson called the numbers used in Ricardo's example dealing with trade between England and Portugal the "four magic numbers". [17] "In spite of the fact that the Portuguese could produce both cloth and wine with less amount of labor, Ricardo suggested that both countries would benefit from trade with each other".

As for recent extensions of Ricardian models, see Ricardian trade theory extensions.

Comparative advantage

Ricardo's theory of international trade was reformulated by John Stuart Mill. [18] The term "comparative advantage" was started by J. S. Mill and his contemporaries.


John Stuart Mill started a neoclassical turn of international trade theory, i.e. his formulation was inherited by Alfred Marshall and others and contributed to the resurrection of anti-Ricardian concept of law of supply and demand and induce the arrival neoclassical theory of value. [19]

New interpretation

Ricardo's four magic numbers has long been interpreted as comparison of two ratios of labor input coefficients. This interpretation is now considered as erroneous. This point was first pointed by Roy J. Ruffin [20] in 2002 and examined and explained in detail in Andrea Maneschi [21] in 2004. This is now known as new interpretation but it has been mentioned by P. Sraffa in 1930 and by Kenzo Yukizawa in 1974. [22] The new interpretation affords totally new reading of Ricardo's Principles of Political Economy and Taxation with regards to trade theory. [23]

Protectionism

Like Adam Smith, Ricardo was an opponent of protectionism for national economies, especially for agriculture. He believed that the British "Corn Laws"—tariffs on agricultural products—ensured that less-productive domestic land would be harvested and rents would be driven up ( Case & Fair 1999 , pp. 812, 813). Thus, profits would be directed toward landlords and away from the emerging industrial capitalists. Ricardo believed landlords tended to squander their wealth on luxuries, rather than invest. He believed the Corn Laws were leading to the stagnation of the British economy. [24] In 1846, his nephew John Lewis Ricardo, MP for Stoke-upon-Trent, advocated free trade and the repeal of the Corn Laws.

Modern empirical analysis of the Corn Laws yields mixed results. [25] Parliament repealed the Corn Laws in 1846.

Technological change

Ricardo was concerned about the impact of technological change on labor in the short-term. [26] In 1821, he wrote that he had become "convinced that the substitution of machinery for human labour, is often very injurious to the interests of the class of labourers," and that "the opinion entertained by the labouring class, that the employment of machinery is frequently detrimental to their interests, is not founded on prejudice and error, but is conformable to the correct principles of political economy." [26]

Criticism of the Ricardian theory of trade

Ricardo himself was the first to recognize that comparative advantage is a domain-specific theory, meaning that it only applies when certain conditions are met. Ricardo noted that the theory only applies in situations where capital is immobile. Regarding his famous example, he wrote:

it would undoubtedly be advantageous to the capitalists [and consumers] of England… [that] the wine and cloth should both be made in Portugal [and that] the capital and labour of England employed in making cloth should be removed to Portugal for that purpose. [27]

Ricardo recognized that applying his theory in situations where capital was mobile would result in offshoring, and therefore economic decline and job loss. To correct for this, he argued that (i) most men of property [will be] satisfied with a low rate of profits in their own country, rather than seek[ing] a more advantageous employment for their wealth in foreign nations, and (ii) that capital was functionally immobile. [27]

Ricardo's argument in favour of free trade has also been attacked by those who believe trade restriction can be necessary for the economic development of a nation. Utsa Patnaik claims that Ricardian theory of international trade contains a logical fallacy. Ricardo assumed that in both countries two goods are producible and actually are produced, but developed and underdeveloped countries often trade those goods which are not producible in their own country. In these cases, one cannot define which country has comparative advantage. [28]

Critics also argue that Ricardo's theory of comparative advantage is flawed in that it assumes production is continuous and absolute. In the real world, events outside the realm of human control (e.g. natural disasters) can disrupt production. In this case, specialisation could cripple a country that depends on imports from foreign, naturally disrupted countries. For example, if an industrially based country trades its manufactured goods with an agrarian country in exchange for agricultural products, a natural disaster in the agricultural country (e.g. drought) may cause an industrially based country to starve.

As Joan Robinson pointed out, following the opening of free trade with England, Portugal endured centuries of economic underdevelopment: "the imposition of free trade on Portugal killed off a promising textile industry and left her with a slow-growing export market for wine, while for England, exports of cotton cloth led to accumulation, mechanisation and the whole spiralling growth of the industrial revolution". Robinson argued that Ricardo's example required that economies were in static equilibrium positions with full employment and that there could not be a trade deficit or a trade surplus. These conditions, she wrote, were not relevant to the real world. She also argued that Ricardo's math did not take into account that some countries may be at different levels of development and that this raised the prospect of 'unequal exchange' which might hamper a country's development, as we saw in the case of Portugal. [29]

The development economist Ha-Joon Chang challenges the argument that free trade benefits every country:

Ricardo’s theory is absolutely right—within its narrow confines. His theory correctly says that, accepting their current levels of technology as given, it is better for countries to specialize in things that they are relatively better at. One cannot argue with that. His theory fails when a country wants to acquire more advanced technologies—that is, when it wants to develop its economy. It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries. Ricardo’s theory is, thus seen, for those who accept the status quo but not for those who want to change it. [30]

Ricardian equivalence

Another idea associated with Ricardo is Ricardian equivalence, an argument suggesting that in some circumstances a government's choice of how to pay for its spending (i.e., whether to use tax revenue or issue debt and run a deficit) might have no effect on the economy. This is due to the fact the public saves its excess money to pay for expected future tax increases that will be used to pay off the debt. Ricardo notes that the proposition is theoretically implied in the presence of intertemporal optimisation by rational tax-payers: but that since tax-payers do not act so rationally, the proposition fails to be true in practice. Thus, while the proposition bears his name, he does not seem to have believed it. Economist Robert Barro is responsible for its modern prominence.

Influence and intellectual legacy

David Ricardo's ideas had a tremendous influence on later developments in economics. US economists rank Ricardo as the second most influential economic thinker, behind Adam Smith, prior to the twentieth century. [31]

Ricardo became the theoretical father of classical political economy. However, Schumpeter coined an expression Ricardian vice, which indicates that rigorous logic does not provide a good economic theory. [32] This criticism applies also to most neoclassical theories, which make heavy use of mathematics, but are, according to him, theoretically unsound, because the conclusion being drawn does not logically follow from the theories used to defend it.[ citation needed ]

Ricardian socialists

Ricardo's writings fascinated a number of early socialists in the 1820s, who thought his value theory had radical implications. They argued that, in view of labor theory of value, labor produces the entire product, and the profits capitalists get are a result of exploitations of workers. [33] These include Thomas Hodgskin, William Thompson, John Francis Bray, and Percy Ravenstone.

Georgists

Georgists believe that rent, in the sense that Ricardo used, belongs to the community as a whole. Henry George was greatly influenced by Ricardo, and often cited him, including in his most famous work, Progress and Poverty from 1879. In the preface to the fourth edition, he wrote: "What I have done in this book, if I have correctly solved the great problem I have sought to investigate, is, to unite the truth perceived by the school of Smith and Ricardo to the truth perceived by the school of Proudhon and Lasalle; to show that laissez faire (in its full true meaning) opens the way to a realization of the noble dreams of socialism; to identify social law with moral law, and to disprove ideas which in the minds of many cloud grand and elevating perceptions." [34]

Neo-Ricardians

After the rise of the 'neoclassical' school, Ricardo's influence declined temporarily. It was Piero Sraffa, the editor of the Collected Works of David Ricardo [35] and the author of seminal Production of Commodities by Means of Commodities, [36] who resurrected Ricardo as the originator of another strand of economics thought, which was effaced with the arrival of the neoclassical school. The new interpretation of Ricardo and Sraffa's criticism against the marginal theory of value gave rise to a new school, now named neo-Ricardian or Sraffian school. Major contributors to this school includes Luigi Pasinetti (1930–), Pierangelo Garegnani (1930–2011), Ian Steedman (1941–), Geoffrey Harcourt (1931–), Heinz Kurz (1946–), Neri Salvadori (1951–), Pier Paolo Saviotti (–) among others. See also Neo-Ricardianism. The Neo-Ricardian school is sometimes seen to be a component of Post-Keynesian economics.

Neo-Ricardian trade theory

Inspired by Piero Sraffa, a new strand of trade theory emerged and was named neo-Ricardian trade theory. The main contributors include Ian Steedman and Stanley Metcalfe. They have criticised neoclassical international trade theory, namely the Heckscher–Ohlin model on the basis that the notion of capital as primary factor has no method of measuring it before the determination of profit rate (thus trapped in a logical vicious circle). [37] [38] This was a second round of the Cambridge capital controversy, this time in the field of international trade. [39] Depoortère and Ravix judge that neo-Ricardian contribution failed without giving effective impact on neoclassical trade theory, because it could not offer "a genuine alternative approach from a classical point of view." [40]

Evolutionary growth theory

Several distinctive groups have sprung out of the neo-Ricardian school. One is the evolutionary growth theory, developed notably by Luigi Pasinetti, J.S. Metcalfe, Pier Paolo Saviotti, and Koen Frenken and others. [41] [42]

Pasinetti [43] [44] argued that the demand for any commodity came to stagnate and frequently decline, demand saturation occurs. Introduction of new commodities (goods and services) is necessary to avoid economic stagnation.

Contemporary theories

Ricardo's idea was even expanded to the case of continuum of goods by Dornbusch, Fischer, and Samuelson [45] This formulation is employed for example by Matsuyama [46] and others.

Ricardian trade theory ordinarily assumes that the labour is the unique input. This is a deficiency as intermediate goods are a great part of international trade. The situation changed after the appearance of Yoshinori Shiozawa's work of 2007. [47] He has succeeded to incorporate traded input goods in his model. [48]

Yeats found that 30% of world trade in manufacturing is intermediate inputs. [49] Bardhan and Jafee found that intermediate inputs occupy 37 to 38% in the imports to the US for the years from 1992 to 1997, whereas the percentage of intrafirm trade grew from 43% in 1992 to 52% in 1997. [50]

Unequal exchange

Chris Edward includes Emmanuel's unequal exchange theory among variations of neo-Ricardian trade theory. [51] Arghiri Emmanuel argued that the Third World is poor because of the international exploitation[ clarification needed ] of labour. [52] [ verification needed ]

The unequal exchange theory of trade has been influential to the (new) dependency theory. [53]

Publications

Works, 1852 Ricardo - Opere, 1852 - 5181784.tif
Works, 1852

Ricardo's publications included:

His works and writings were collected in Ricardo, David (1981). The works and correspondence of David Ricardo (1st paperback ed.). Cambridge: Cambridge University Press. ISBN   0521285054. OCLC   10251383.

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References

Notes

  1. Miller, Roger LeRoy. Economics Today. Fifteenth Edition. Boston, MA: Pearson Education. p. 559
  2. Sowell, Thomas (2006). On classical economics. New Haven, CT: Yale University Press.
  3. http://www.policonomics.com/david-ricardo/
  4. 1 2 Heertje, Arnold (2004). "The Dutch and Portuguese-Jewish background of David Ricardo". European Journal of the History of Economic Thought. 11 (2): 281–94. doi:10.1080/0967256042000209288.
  5. Francisco Solano Constancio, Paul Henri Alcide Fonteyraud. 1847. Œuvres complètes de David Ricardo , Guillaumin, (pp. v–xlviii): A part sa conversion au Christianisme et son mariage avec une femme qu'il eut l'audace grande d'aimer malgré les ordres de son père
  6. Ricardo, David. 1919. Principles of Political Economy and Taxation. G. Bell, p. lix: "by reason of a religious difference with his father, to adopt a position of independence at a time when he should have been undergoing that academic training"
  7. 1 2 Sraffa, Piero; David Ricardo (1955), The Works and Correspondence of David Ricardo: Volume 10, Biographical Miscellany, Cambridge, UK: Cambridge University Press, p. 434, ISBN   0-521-06075-3
  8. "No. 17326". The London Gazette . 24 January 1818. p. 188.
  9. "RICARDO, David (1772–1823), of Gatcombe Park, Minchinhampton, Glos. and 56 Upper Brook Street, Grosvenor Square, Mdx". History of Parliament Online. Retrieved 18 September 2013.
  10. Hayek, Friedrich (1991). "The Restriction Period, 1797–1821, and the Bullion Debate". The Trend of Economic Thinking. pp. 199–200. ISBN   978-0865977426.
  11. King, John (2013). David Ricardo. Palgrave Macmillan. p. 48.
  12. Ricardo, David (1817) On the Principles of Political Economy and Taxation. Piero Sraffa (Ed.) Works and Correspondence of David Ricardo, Volume I, Cambridge University Press, 1951, p. 11.
  13. Ricardo, David (1817) On the Principles of Political Economy and Taxation. Piero Sraffa (Ed.) Works and Correspondence of David Ricardo, Volume I, Cambridge University Press, 1951, p. 47.
  14. On The Principles of Political Economy and Taxation London: John Murray, Albemarle-Street, by David Ricardo, 1817 (third edition 1821) – Chapter 6, On Profits: paragraph 28, "Thus, taking the former . . ." and paragraph 33, "There can, however...."
  15. Roberts, Paul Craig (28 August 2003), "The Trade Question", The Washington Times
  16. Ricardo, David (1817) On the Principles of Political Economy and Taxation. Piero Sraffa (Ed.) Works and Correspondence of David Ricardo, Volume I, Cambridge University Press, 1951, p. 135.
  17. Samuelson, Paul A. (1972), "The Way of an Economist." Reprinted in The Collected Papers of Paul A. Samuelson. Ed. R. C. Merton. Cambridge: Cambridge MIT Press. p. 378.
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  22. Tabuchi, T. (2017) Yukizawa's interpretation of Ricardo's `theory of comparative cost`. In Senga, Fujimoto, and Tabuchi (Eds.) Ricardo and International Trade, London and New York; Routledge, Chapter 4, pp.48–59.
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  24. Letter of Mill cited in The works and correspondence of David Ricardo. : Volume 9, Letters July 1821–1823 (Cambridge, UK, 1952)
  25. Williamson, J. G. (1990). "The impact of the Corn Laws just prior to repeal". Explorations in Economic History. 27 (2): 123. doi:10.1016/0014-4983(90)90007-L.
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  27. 1 2 Ricardo, David (1821). On the Principles of Political Economy and Taxation. John Murray. p. 7.19.
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  29. Robinson, Joan (1979). Aspects of Development and Underdevelopment. Cambridge: Cambridge University Press. p. 103. ISBN   0521226376.
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  33. Landreth Colander 1989 History of Economic Thought Second Edition, p.137.
  34. George, Henry, Progress and Poverty. Preface to the 4th Edition, November 1880.
  35. Piero Sraffa and M.H. Dobb, editors (1951–1973). The Works and Correspondence of David Ricardo. Cambridge University Press, 11 volumes.
  36. Sraffa, Piero 1960, Production of Commodities by Means of Commodities: Prelude to a Critique of Economic Theory. Cambridge University Press.
  37. Steedman, Ian, ed. (1979). Fundamental Issues in Trade Theory. London: MacMillan. ISBN   0-333-25834-7.
  38. Steedman, Ian (1979). Trade Amongst Growing Economies . Cambridge, UK: Cambridge University Press. pp. &#91, page&nbsp, needed &#93, . ISBN   0-521-22671-6.
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  40. Christophe Depoortère, Joël Thomas Ravix 2015 The classical theory of international trade after Sraffa. Cahiers d'économie Politique / Papers in Political Economy (69): 203–34, February 2015.
  41. Pasinetti, Luisi 1981 Structural change and economic growth, Cambridge University Press. J.S. Metcalfe and P.P. Saviotti (eds.), 1991, Evolutionary Theories of Economic and Technological Change, Harwood, 275 pages. J.S. Metcalfe 1998, Evolutionary Economics and Creative Destruction, Routledge, London. Frenken, K., Van Oort, F.G., Verburg, T., Boschma, R.A. (2004). Variety and Regional Economic Growth in the Netherlands – Final Report (The Hague: Ministry of Economic Affairs), 58 p. (pdf)
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  52. Emmanuel, Arghiri (1972), Unequal exchange; a study of the imperialism of trade, New York: Monthly Review Press, pp. &#91, page&nbsp, needed &#93, , ISBN   0-85345-188-5
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Bibliography


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