Introduction
While Adam Smith is regarded as the father of classical economics, the science of economics would not have developed as it did without the contributions of David Ricardo. Fittingly, it was a chance reading of Smith’s magnum opus, Wealth of Nations (1776), that inspired Ricardo to pursue the study of economics.1 From there, Ricardo began to make waves in the British political economics sphere. He tackled controversial topics, from the Bank Restriction Act to the Corn Laws, and played a key role in the development of theories pertaining to rent, wages, and profits.
The ideas put forth by Ricardo shaped the discipline of classical economics and have been highly influential to the thinkers who came after him – both those who agreed and disagreed with him. While many of his innovations have been adapted or replaced by other models, there is no doubt that Ricardo’s work was foundational.
It appears to me that one great cause of our difference in opinion on subjects which we often discuss is that you have always in mind the immediate and temporary effects of particular changes, whereas I put these effects quite aside, and fix my whole attention on the long-term effects that will result from them.
– David Ricardo
