David Ricardo

David Ricardo (April 18, 1772 ? September 11, 1823), a British political economist, is often credited with systematizing economics, and was one of the most influential of the classical economists. He was also a successful businessman, financier and speculator, and amassed a considerable fortune.

Personal life

Born in London, Ricardo was the third of seventeen children in a Sephardic Jewish family (from Portugal) that emigrated from The Netherlands to England just prior to his birth. At age 14 Ricardo joined his father at the London Stock Exchange, where he began to learn the about the workings of finance. This beginning set the stage for Ricardo's later success in the stock market and real estate.

Related Topics:
London - Sephardic Jewish - Portugal - The Netherlands - England - London Stock Exchange

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Ricardo rejected the orthodox Jewish beliefs of his family and eloped with a Quakeress, Priscilla Anne Wilkinson, when he was 21. His father was so unhappy with this that he abandoned Ricardo and never spoke to him again. Around the same time Ricardo became a Utilitarian.

Related Topics:
Orthodox Jewish beliefs - Quakeress - Priscilla Anne Wilkinson - Utilitarian

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Ricardo became interested in economics after reading Adam Smith's The Wealth of Nations in 1799 on a boring vacation to the English resort of Bath.

Related Topics:
Adam Smith - The Wealth of Nations - 1799 - Bath

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Ricardo's work with the stock exchange made him quite wealthy, which allowed him to retire from business in 1814 at the age of 42. He then purchased and moved to Gatcombe Park, an estate in Gloucestershire.

Related Topics:
1814 - Gloucestershire

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In 1819, Ricardo purchased a seat in the British parliament as a representative of Portarlington, a borough of Ireland. He held the post until the year of his death in 1823. As an MP, Ricardo advocated free trade and the repeal of the Corn Laws.

Related Topics:
1819 - British parliament - Representative - Portarlington - Borough of Ireland - 1823 - MP - Free trade - Corn Laws

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Ricardo was a close friend of James Mill, who encouraged him in his political ambitions and writings about economics. Other notable friends included Jeremy Bentham and Thomas Malthus, with whom Ricardo had a considerable debate (in correspondence) over such things as the role of land owners in a society. He also was a member of London's intellectuals, later becoming a member of Malthus' Political Economy Club, and a member of the King of Clubs.

Related Topics:
James Mill - Jeremy Bentham - Thomas Malthus

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He died at Gatcombe Park at 51 years of age.

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