David Ricardo in One Minute: Biography (Life, Activity, Death/Legacy) + Economic Philosophy/Theories

Born in London in 1772, David Ricardo became interested in economics after reading Adam Smith's Wealth of Nations in 1799. His views were more specific and less philosophical than Smith's.

Ricardo's first significant work, 'The High Price of Bullion, a Proof of the Depreciation of Banknotes,' published in 1810, argued for a link between the increasing volume of banknotes and price levels.

In his 1815 essay, 'On the Influence of a Low Price of Corn on the Profits of Stock,' Ricardo advised against protectionist tariffs, stating they increased corn prices and landowners' income at the expense of workers and industrialists.

Ricardo's most famous work, 'Principles of Political Economy and Taxation,' published in 1817, articulated a labor theory of value, stating that a commodity's value depends on the labor required to produce it.

In his renowned work, Ricardo also developed the theory of comparative advantage, advocating for free trade in more situations than Adam Smith's absolute advantage perspective. He also expressed concerns about population growth driving wages back to subsistence levels, aligning him with Malthusian views.

Despite some views becoming less relevant over time, Ricardo remains one of the most well-known classical economists, influencing thinkers such as John Stuart Mill, Alfred Marshall, and Karl Marx.