David Ricardo (1772–1823): Monetary Policy Orthodoxy

Jan Greitens ()
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Jan Greitens: Johann Wolfgang Goethe-Universität

Chapter Chapter 16 in Currency and Credit Money, 2026, pp 163-171 from Springer

Abstract: Abstract This chapter presents Ricardo’s strict monetary orthodoxy, combining metallism with the Quantity Theory of Money. He defines money as a commodity whose value depends on production costs while explaining price levels through money supply. Ricardo refines Hume’s Price–Specie Flow Mechanism, emphasizing exchange rates and capital flows. He advocates strict control of paper money issuance and supports gold convertibility as a safeguard against inflation. This chapter highlights Ricardo’s focus on monetary stability and his rejection of discretionary policy. His theory represents a systematic and rigorous formulation of classical monetary principles, prioritizing rule-based monetary policy.

Date: 2026
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DOI: 10.1007/978-3-032-24113-9_16

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