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David Ricardo, 1772–1823: the Rate of Profit

In: A Concise History of Economic Thought

Author

Listed:
  • Gianni Vaggi

    (University of Pavia)

  • Peter Groenewegen

    (University of Sydney)

Abstract

Ricardo was born in London and died at his country estate of Gatcomb Park. Both his father and his mother belonged to Jewish families and his father was an affluent stockbroker. David was the third of seventeen children. At the age of fourteen he began working with his father and subsequently made a large fortune as an independent stockbroker. When he was twenty-one he married Priscilla Ann Wilkinson, a Quaker. By the age of twenty-five, Ricardo turned his attention to scientific subjects, chiefly mathematics and geology. In 1799 he became interested in economics, attributed by him to a reading of the Wealth of Nations. A first economic article ‘The Price of Gold’ appeared in 1809 in the Morning Chronicle; The High Price of Bullion, a Proof of Depreciation of Bank-Notes was published a year later and made a remarkable impact. Ricardo’s participation in the Bullion Controversy led to his acquaintance with James Mill, Malthus and a number of less well known economics writers.

Suggested Citation

  • Gianni Vaggi & Peter Groenewegen, 2003. "David Ricardo, 1772–1823: the Rate of Profit," Palgrave Macmillan Books, in: A Concise History of Economic Thought, chapter 14, pages 137-148, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50580-3_14
    DOI: 10.1057/9780230505803_14
    as

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