David Ricardo A Centenary Estimate

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David Ricardo, one of the major figures in the history of economic thought, particularly in the English classical political economy, deployed his activities as economist just two hundreds of years ago. Since then his economics has been generally estimated as the culminating point of the classical economics, and his name and theory has been exerting an enduring influence up to the present. This book, consisting of articles contributed by historians economic thought on money and finance, intends to reappraise the Ricardo’s monetary and financial thought on the occasion of its bicentenary and to offer historical clues to understanding today’s world wide financial crisis. The book consists of eight chapters divided into three parts. The first part is devoted to the historical back ground of Ricardo’s thought (Hume, Smith, Thornton etc). It serves to bring in relief the originality of Ricardo’s thought in the historical context. The second and central part consists of four chapters discussing the most important aspects of Ricardo’s monetary thought: Ricardo and quantity theory of money, the ideal monetary regime conceived by Ricardo very early in his career and matured till the last moment of his life, plan for the establishment of a national bank. In this part, the relation between the quantity of money and its value in Ricardo’s theory is examined in a new light and Ricardo as a non-quantity theorist. The two chapters in the third and last part discuss the problems raised after Ricardo in relation to his monetary thought. Tracing Ricardo's economic thought to the early 19th century, this book may provide readers insight to help them understand the present day financial crises through his works.

This book started with the thought that here was an interesting man who lived at an interesting time. He was born a Jew, he made his fortune as a financier, he discovered his vocation as an econo mist, he entered Parliament. Such in outline was the life of David Ricardo. He was born in 1772 and he died in 1823. It was a time of war and the aftermath of war, of change and of resistance to change. As far as possible I have tried always to see him in the context of his time. Though much necessarily is said about the economist in the book, I must make plain that it is not primarily a study of his work. That has been done elsewhere, and some references will be found in the bibliography. In the arrangement of the book I have departed occasionally from a strictly chronological narrative. Instead I have attempted to present the life of David Ricardo in a number of facets, as if it were a diamond. Perhaps the cutting edge of the diamond would be most applic able to him. Nearly everyone who met him noticed the clarity and lucidity of his mind. To demonstrate or illustrate the quality of his mind is therefore the first object of the book. I have been very fortunate in the help I have received in the research and the writing; and certainly, for any faults in the book, nobody but myself is to blame.

Arguably one of the most important economists who has lived, Ricardo's impact on the economics profession is immense. This unique and comprehensive Companion elucidates his significance and continuing legacy. Ricardo made major contributions to all fields of the subject, from monetary issues to value and income distribution, from capital accumulation, technical progress and economic growth to foreign trade and international specialisation, and from taxes to public debt. What he called the main problem of political economy, the distribution of income and wealth, is again back on the political and economic agenda with a vengeance. Leading experts in the field explore his influence and offer novel interpretations of received doctrines.