David Ricardo
Noun
Meaning
English economist who argued that the laws of supply and demand should operate in a free market (1772-1823)
Source: WordNetSynonyms
Examples
David Ricardo saw that the escalator worked with different effects on different classes, that some rode triumphantly to the top, while others were carried up a few steps and then kicked back down to the bottom.
Adam Smith and David Ricardo Adam Smith held that, in a primitive society, the amount of labor put into producing a good determined its exchange value, with exchange value meaning in this case the amount of labor a good can purchase.
David Ricardo (seconded by Marx ) responded to this paradox by arguing that Smith had confused labor with wages.
His works and writings were collected in: * The Works and Correspondence of David Ricardo, ed. Piero Sraffa with the Collaboration of M.H. Dobb (Indianapolis: Liberty Fund, 2005), 11 vols.
"General Preface", The Works and Correspondence of David Ricardo, Vol. 1, Cambridge University Press Marx later called this "Smith's adding up theory of value".
The economic theory of David Ricardo holds that consumers would necessarily gain more than producers would lose.