The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Ricardo, David (1772–1823)

  • Terry Peach
Reference work entry


This article discusses the life and work of David Ricardo. The first section provides a comprehensive overview of his life, his contributions to political economy and his political activities. This is followed by more detailed consideration of his monetary writings (including the ‘law of markets’ and ‘comparative advantage’), his early writings on profits and the ‘corn model’ interpretation, the labour theory of value, the ‘new view’ and ‘neoclassical’ interpretations of his work, and his Sraffa-inspired interpretation as a ‘classical’ economist.


Absolute advantage Absolute and exchangeable value Bank of England Barter Barton, J. Bentham, J. Bullion Committee Bullion Controversy Classical distribution theories Classical economics Classical theory of money Comparative advantage Competition of capitals Convertibility Corn Laws Corn model Credit De Quincey, T. Deflation Depreciation Differential rent Diminishing returns Direct and indirect labour Fixed and circulating capital General equilibrium Inflation Ingot plan Invariable measure of value King, P., Lord Labour theory of value Law of markets Malthus, T. R. Malthus’s population theory Market wage McCullough, J. R. Marshall, A. Mill, J. Mill, J. S. Money supply Money wage National debt Natural price Natural wage Neoclassical economics Paper money Political economy Profit and profit theory Public debt Pure labour theory of value Rate of interest Rate of profit Real wage Rent Ricardian equivalence theorem Ricardo, D. Say, J.-B. Say’s equality Say’s identity Seigniorage Shared incidence principle Smith, A. Specialization Specie-flow mechanism Sraffa, P. Sraffian economics Stationary state Subsistence and subsistence wages Supply and demand Surplus Thornton, H. Torrens, R. Utilitarianism Velocity of circulation 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Terry Peach
    • 1
  1. 1.