Ricardo
DAVID, an English political economist; born in London, England, April 19, 1772. He stands next to Adam Smith (whose ideas he developed and systematized) in the British free-trade school of political science, and his writings have exerted a vast influence on all theories of political economy. After making his fortune in the Stock Exchange in London, he retired to devote himself to the study of mathematics, chemistry, etc. The first result of his studies was a tract entitled "The High Price of Bullion Proof of the Depreciation of Bank Notes" (1809). In 1817 appeared his most important work, "The Principles of Political Economy and Taxation." Its leading feature was the theory of rent, now universally accepted that it represents the surplus earning power of better or more favorably situated land over that just good enough to be worth utilizing. He published in addition a number of essays on economics. His "Works" were edited by MacCulloch (1846). His "Letters to Malthus" were published in 1887. He died in Gatcomb Park, Gloucestershire, Sept. 11, 1823.