Synopsis
David Ricardo was born in London in 1772. His father, a successful stockbroker, introduced him to the Stock Exchange at the formative age of fourteen. During his career in finance, he amassed a personal fortune which allowed him to retire at the age of forty-two. Thereafter, he pursued a political career and further developed his economic ideas and policy proposals. A man of very little formal education, Ricardo arguably became, with the exception of Adam Smith, the most influential political economist of all time.
Ricardo was the first economist to make extensive use of deductive reasoning and arithmetical models to illustrate the anticipated reactions to juxtaposed market forces and responsive human action. His modes of analysis have become identified with economics as an academic discipline.
Like Smith, Ricardo believed that minimal government intervention best served an economy. His contributions to economics are numerous and include the theory of “hard money” to hedge inflation, the law of diminishing returns, developed along with his close friend the classical economist T. R. Malthus, and the labor theory of value.
One of Ricardo’s most significant contributions to economics is the law of comparative advantage as applied to international commerce, which grew out of Adam Smith’s division of labor and has become the central argument for free trade and open markets.
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Review
This archive of correspondence, speeches, pamphlets, and economic works was edited by Piero Sraffa and published in hardcover by Cambridge U. Press between 1951-1973, for the Royal Economic Society. Now in an affordable paperbound edition, the 11-volume set begins with two lengthy economic studies: On the Principles of Political Economy and Taxation, published in three editions in 1817, 1819, and 1821 (a concordance of the editions is included), with a lengthy introduction by Sraffa: and Notes on Malthus's Principles of Political Economy, also with an introduction by Sraffa. Four of the volumes contain Ricardo's correspondence, both personal and professional, dating from 1810-1823. Sraffa has annotated the entire collection and provides various supporting tables and other material. Some facsimiles of the publications and correspondence are included.
Reference & Research Book News
August 2005
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Paperback. Condition: New. This is the introductory volume to the four volumes containing relevant letters between Ricardo and many influential thinkers of his age. Many of these letters influenced the development of Ricardo's ideas on political economy. The letters within this volume span the years of Ricardo's economic thought throughout 1814 and 1815. This is the period of Ricardo's life leading up to the publication of his "Essay on the Influence of the Low Price of Corn on the Profits of Stock" (1815), which formed the basis of his most significant contributions to political economics. This volume contains a preface to the entire series of 555 letters and introductory notes. The introductory notes to the correspondence explain the thematic co-ordination of the letters and provide brief biographical comments on Ricardo's correspondents, paying special attention to their personal relationship to Ricardo and their political economic relevance. Seller Inventory # LU-9780865979703
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Paperback. Condition: New. This is the introductory volume to the four volumes containing relevant letters between Ricardo and many influential thinkers of his age. Many of these letters influenced the development of Ricardo's ideas on political economy. The letters within this volume span the years of Ricardo's economic thought throughout 1814 and 1815. This is the period of Ricardo's life leading up to the publication of his "Essay on the Influence of the Low Price of Corn on the Profits of Stock" (1815), which formed the basis of his most significant contributions to political economics. This volume contains a preface to the entire series of 555 letters and introductory notes. The introductory notes to the correspondence explain the thematic co-ordination of the letters and provide brief biographical comments on Ricardo's correspondents, paying special attention to their personal relationship to Ricardo and their political economic relevance. Seller Inventory # LU-9780865979703
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