David Ricardo

was a British economist and one of the central contributors to classical economics (alongside Thomas Malthus and Adam Smith). Following Adam Smith, he developed the theory of comparative advantage, which became a core concept of international economics. The second element of his theory was a labor theory of value which represents his search for an objective evaluation of the value of goods. This theory was used by Karl Marx who made it the fundamental method for his theory of added value.


Central Works:

  • Principles of Political Economy and Taxation

The ideas of David Ricardo influenced the following concepts: