Noun
English economist who argued that the laws of supply and demand should operate in a free market (1772-1823)
Source: WordNetDavid 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. Robert Heilbroner
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. Source: Internet
David Ricardo (seconded by Marx ) responded to this paradox by arguing that Smith had confused labor with wages. Source: Internet
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. Source: Internet
"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". Source: Internet
The economic theory of David Ricardo holds that consumers would necessarily gain more than producers would lose. Source: Internet