David Ricardo: Classical School Of Economics

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Introduction: - David Ricardo is the famous for the classical school of economics. He is the greatest name after the Adam Smith, who was the known as the father of economics and founder of the classical school of economics. After the Adam Smith David Ricardo is the leader of the classical school of economics. He gave many contributions for the classical school of economics. Life and Work: - David Ricardo was born in 18, April, 1772 at London, England in the Sephardic Jewish family. He was the third of the seventeenth child. They are Portuguese and they originally from Dutch republic. His father name is Abraham Jewish. He was a successful stock broker. He started working with his farther from age of fourteenth. He got married a girl…show more content…
: - 1. Ricardo had an analytical genius. He was a deductive thinker. He was a business man and he has lot of practical experience. He doesn’t believe in inductive method. He believes in the abstract logic. He did not give historical or statistical facts to support to their conclusion. 2. He believes in the doctrine of the laissez faire. He was not interested in the large philosophical sentences making, he saw problems, not premises and uncertainly not progress. 3. He considered money as a veil. 4. He approached the problem of (exchange) value from the cost or production side. He accepted more or less the labour theory of…show more content…
According to the Adam Smith he associated with foreign trade and his theory of foreign trade is based on the difference in absolute cost. And all the countries have cheapest market. But Ricardo developed the theory of comparative costs. According to David Ricardo “under these types of conditions a particular country have specialised in that so their commodities of production are the greatest comparative advantage. They have assumption like that capital and labour did not flow between countries. Conclusion: - This assignment is about David Ricardo. He is from the London, England. His born in the 1872 and he interested in the political economy. He got the inspiration from the book “wealth of nation” written by the Adam Smith. He joined fathers business at the age of fourteen years. And written about their life and how they spent their life. What is the contribution in the classical school of economy? Their theory of rent and how it was implemented in the political economy all the information are written in the assignment. Some examples are also given for the theory of

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