Essay, Biography or Paragraph on “David Ricardo” complete biography for Class 10, Class 12 and Graduation and other classes.

David Ricardo

England : Economist 

Born : 1772   Died : 1823

Ricardo is considered to be an economist of the stature of giants like Adam Smith, Malthus, Marx, Marshal, Keynes and John Stuart Mill. He propounded the epoch-making revenue principle.

Ricardo was born in a Jewish family in England in the year 1772. His father was a share broker. After his formal education in Commerce, Ricardo also joined the share business. He married a Christian girl at the age of 21 and as such was driven out of the house by his family. He joined politics and became a member of the Parliament.

Ricardo had earned a sum of £2 million during his stay in London, but as he was very liberal, he dissipated it. He had only £7 when he died in 1823.

His theory regarding rent paid for land use has been considered to be very useful. He said, “Rent paid to the owner of land for its use for growing crops forms part of the value of the crop that the tiller grows.”

Ricardo’s prominent publications are: The High Price of Bullion. — A Proof of the Depression of Bank Notes (1810), Principles of Political. Economy and Taxath3n (1817), Protection of Agriculture (1822), A Plan  for the Establishment of National Bank (1824) and Notes on Malthus’ Principles of Political Economy (1824).

Ricardo was a supporter of free trade which was presumed to bore on the development of social justice.