david ricardo
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Who was David Ricardo?
A British economist (1772–1823) and one of the founders of classical economics. He was also a wealthy businessman who wrote Principles of Political Economy and Taxation (1817).
What is Ricardo best known for?
His theory of comparative advantage, which explains how countries benefit from specializing and trading with one another
What is the Theory of Rent?
Ricardo’s idea that landowners earn rent because some land is more fertile or productive than other land
What is the Iron Law of Wages?
Ricardo’s belief that workers’ wages naturally stay around the level needed for basic survival, because population changes affect labor supply.
Why was David Ricardo importantWhy was David Ricardo important
He helped shape modern economics and influenced ideas about trade, wages, and wealth distribution that are still used today.
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