David Ricardo: Difference between revisions
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David Ricardo (19 April 1772 – 11 September 1823) was one of the most influential English classical political economists. He was also a member of Parliament, businessman and financier. | David Ricardo (19 April 1772 – 11 September 1823) was one of the most influential English classical political economists. He was also a member of Parliament, businessman and financier. | ||
Perhaps his most important contributions were the law of | Perhaps his most important contributions were the law of [[Comparative Advantage]], a fundamental argument in favour of free trade among countries and of specialisation among individuals, and the [[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. | ||
Revision as of 03:06, 23 November 2010
David Ricardo (19 April 1772 – 11 September 1823) was one of the most influential English classical political economists. He was also a member of Parliament, businessman and financier. Perhaps his most important contributions were the law of Comparative Advantage, a fundamental argument in favour of free trade among countries and of specialisation among individuals, and the 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.