David Ricardo was born in 1772, on April 19 in London.His family emigrated to England just before the birth of David.Parents bankers sent his son to study in the Netherlands, but in the 14 years he worked with his father, to conduct business transactions on the London Stock Exchange.
At 21, David fell out with his father on religious grounds, he was going to marry a Protestant, and had renounced Judaism.
Father for this act stripped of its contents.Without discouraged David Ricardo, his biography 25 years changed dramatically.He became a millionaire, earning on the stock exchange fair condition.
new activities and new ideas
becoming a wealthy man, David Ricardo, lost interest in the stock exchange.During this period he became interested in economics as a science.After reading the work "The Wealth of Nations" by Adam Smith, he did the same at the same time to join him in the struggle with the landed aristocracy and thus becoming one of the strongest of his opponents.Authorship Ricardo owns a lot of work, in which he analyzes the processes in the economy of his time.The largest of them is the book "Principles of Political Economy and Taxation", which he wrote in 1817.
According to Ricardo, the value of the product depends on the amount of labor expended.On the basis of this idea, he developed the theory of distribution, which explains how this value is comparable to the different classes in society.From that moment Ricardo was more interested in political economy, which, he thought, trying to find answers to questions about the reasons for the prosperity of society.
researchers argue that many famous economists of the time to communicate and collaborate closely with David Ricardo.But the special relationship he had with only James Mil.Samuelson said that if not for elder Mill, David Ricardo would never wrote a book in 1817, made him famous.
Proceedings of the great economist became the basis for the monetary policy of the capitalist countries in the next hundred years.He explained to theory of production, profit and control.He described why people invest and consume, why unproductively wasting all that they have.He first found that economics as a science - it is a set of principles related to material values.
political career
In 47 years, David Ricardo left his employment in the business sector and decided to continue research in the field of economic theory.To promote their ideas in society, he achieved in 1819 he was elected to the House of Commons of the British Parliament from the electoral circle of Ireland.It is worth noting that it was the second Jew, who was elected to parliament.In his speeches, he supported the requirement of freedom of the press, trade, the lifting of restrictions on the right of assembly and so on.
In 1921, David Ricardo established the first English club of political economy.In the future, many scientific theories of economist were rejected as unnecessary.But it is documented that his research influenced the work of Karl Marx, John Stuart.
Ricardo specific approach and to this day continues to gain adherents.
Died famous economist at the age of 51, 9/11/1823, in the United Kingdom.
