David Ricardo

David Ricardo (18 April 1772 – 11 September 1823) is an English political economist and stock trader.

He is often credited with systematizing economics, and is one of the most influential of the classical economists, along with Thomas Malthus, Adam Smith, and John Stuart Mill.

He is also a member of Parliament, businessman, financier and speculator, who amasses a considerable personal fortune.

Perhaps his most important contribution is the law of comparative advantage, a fundamental argument in favor of free trade among countries and of specialization among individuals.

Ricardo argues that there is mutual benefit from trade (or exchange) even if one party (e.g.

resource-rich country, highly skilled artisan) is more productive in every possible area than its trading counterpart (e.g.

resource-poor country, unskilled laborer), as long as each concentrates on the activities where it has a relative productivity advantage.

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