David Ricardo Biography
Birthday: April 18, 1772 (Aries)
Born In: London
David Ricardo was a British political economist, stockbroker, and politician. Celebrated as one of the most influential classical economists of all time, Ricardo is widely recognized for his contributions to the development of theories related to rent, wages, profits, and international trade. American economists regard Ricardo as the second-most prominent economic thinker, after the ''Father of Economics,'' Adam Smith. Despite his short career, Ricardo influenced economic development significantly. Ricardo had proposed many “laissez-faire” (meaning “to leave alone,” or “to allow to do”) doctrines in his 'Iron Law of Wages.' Before he emerged as an influential economist, Ricardo had worked in the domain of politics. Though he was not a regular speaker, the field of economics highly respected him for his thoughts on free trade, which were, however, less dominant in the ‘House.’ Despite winning support throughout England, he was subjected to criticism for his views. His writings provide a base for many contemporary economic ideas. Unfortunately, many of Ricardo's ideas are now no more in existence, while some have been replaced. Nevertheless, 'Neo-Ricardian' thoughts still exist and are relevant.