David Ricardo, 1772–1823: the Rate of Profit

Gianni Vaggi and Peter Groenewegen
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Peter Groenewegen: University of Sydney

Chapter 14 in A Concise History of Economic Thought, 2003, pp 137-148 from Palgrave Macmillan

Abstract: Abstract Ricardo was born in London and died at his country estate of Gatcomb Park. Both his father and his mother belonged to Jewish families and his father was an affluent stockbroker. David was the third of seventeen children. At the age of fourteen he began working with his father and subsequently made a large fortune as an independent stockbroker. When he was twenty-one he married Priscilla Ann Wilkinson, a Quaker. By the age of twenty-five, Ricardo turned his attention to scientific subjects, chiefly mathematics and geology. In 1799 he became interested in economics, attributed by him to a reading of the Wealth of Nations. A first economic article ‘The Price of Gold’ appeared in 1809 in the Morning Chronicle; The High Price of Bullion, a Proof of Depreciation of Bank-Notes was published a year later and made a remarkable impact. Ricardo’s participation in the Bullion Controversy led to his acquaintance with James Mill, Malthus and a number of less well known economics writers.

Keywords: Wage Rate; Real Wage; Relative Price; Relative Prex; Quality Land (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-50580-3_14

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DOI: 10.1057/9780230505803_14

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