Books

London: John Murray,, 1817. A foundational work of classical economic theory First edition of Ricardo's fundamental contribution to economics, establishing a systematic and scientific approach to the discipline, and setting forth both the labour theory of value and the theory of comparative advantage. His approach and methods influenced all succeeding generations of economists and provided an enduring foundation of arguments for free trade. Ricardo's approach to political economy was informed by his friendships with Mill, Bentham, and Malthus, and particularly by his reading of Smith's Wealth of Nations in 1799. In 1815, Mill and others urged Ricardo to set out the Principles as a systematic account of his theories. The work outlines a newly developed labour theory of value, the theory of international comparative advantage, monetary theory, and the influence of taxation. Notably, Ricardo's emphasis on mathematical abstraction led him to develop the concept of the economic model:…