Having retired from business and become a landed proprietor, Ricardo entered parliament as member for Portarlington in 1819. He contributed to bringing about the change of opinion on the question of free trade which led to the legislation of Sir Robert Peel on that subject, and made some valuable speeches on eco nomic questions. In 182o he contributed to the supplement of the Encyclopedia Britannica (6th ed.) an "Essay on the Funding System." In this besides giving an historical account (founded on Dr. Robert Hamilton's valuable work On the National Debt, 1813, 3rd ed., 1818) of the several successive forms of the sinking fund, he urges that nations should defray their expenses, whether ordinary or extraordinary, at the time when they are incurred, instead of providing for them by loans.
Ricardo died on Sept. 11, 1823, at his seat (Gatcomb Park) in Gloucestershire, from a cerebral affection. James Mill, who was intimately acquainted with him, says (in a letter to Napier of November 1818) that he knew not a better man, and on the occasion of his death published a highly eulogistic notice of him in the Morning Chronicle. A lectureship on political economy, to exist for ten years, was founded in commemoration of him, M'Culloch being chosen to fill it.
In forming a general judgment respecting Ricardo, we must have in view not so much the minor writings as the Principles, in which his economic system is expounded as a whole. By a study of this work we are led to the conclusion that he was an economist rather than a social philosopher like Adam Smith or John Mill, for there is no evidence of his having had any but the narrowest views of the great social problems. He shows no trace of that sympathy with the working classes which is apparent in the Wealth of Nations; and he regards the labourer as merely an instrument in the hands of the capitalist. Ricardo's main con tributions to economics relate to foreign trade, money, and paper issues and rent. He was responsible for the doctrine of com
parative costs, as applied to foreign trade, a clear statement of the quantity theory, and a rather involved discussion of the nature of rent. His work suffers from ambiguity of expression, which has led to erroneous interpretations by his successors.
The criticisms to which Ricardo's general economic scheme is open do not hold with respect to his treatment of the subjects of currency and banking. These form precisely that branch of economics where the operation of purely mercantile principles is most immediate and invariable. They were, besides, the depart ments of the study to which Ricardo's early training and practical habits led him to give special attention ; and they have a lasting value independent of his systematic construction.
Ricardo's collected works were published, with a notice of his life and writings, by J. R. M'Culloch in 1846. The Principles were edited, with an introduction, bibliography, and notes, by G. C. K. Gonner (1891), who also edited the Economic Notes (1923). See also Letters to T. R. Malthus (ed. J. Bonar, 1887) ; Letters to J. R. M'Culloch (ed. J. H. Hollander, 1895) ; Letters to H. Trower and Others (ed. J. Bonar and J. H. Hollander, 1899) ; Notes on Malthus' Principles of Political Economy (ed. J. H. Hollander and T. E. Gregory, 1928). A French translation of the Principles by F. S. Constancio, with notes by J. B. Say, appeared in 1818 ; the whole works, trans. F. S. Constancio and A. Fonteyraud, form vol. xiii. (1847) of the Collection des principaux economistes, with important notes. See also E. Baum stark, David Ricardo's Grundgesetze der V olkstvirthschaft and die Besteuerung iibersetzt and erlautert (1837), also J. H. Hollander, David Ricardo (191o) and A. Graziani, Ricardo e J. S. Mill (1921).