RICARDO, ri-karidO, David, English po litical economist: b. London, 19 April 1772; d. Gatcombe Park, Gloucestershire. 11 Sept. 1823. His father was a prosperous Jew, born in Hol land, but settled in England in his youth; and was a member of the Stock Exchange. The son was educated in England and later in but had no university training and entered his father's business at 14. He married early and conformed to the Christian religion, whereupon an alienation with his father necessitated his taking up business on his own account. In this he was immediately successful and 'made a fortune on the Stock Exchange, at the same time preserving an honorable reputation. In 1799 he became interested in Adam Smith's (Wealth of Nations' and turned his attention to the scien tific treatment of questions connected with bank-' ing and finance. His first contributions -to the M subject appeared as letters in the ariner Chronicle in 1809 and later appeared in a ' pamphlet entitled (The High Price of a Proof of the Depreciation of Bank-notes.' The report of the bullion committee •la 1110 coincided with the principles of Ricardo in its attributing the depreciation of the currency to excessive issues of the Bank of -England and in recommending a resumption of cash pay ments. In 1816 Ricardo preposed a scheme for
making bank-notes exchangeable for standard bars of gold bullion instead of coined gold. The scheme was adopted in 1819, but Wad to be doned on account of the temptation to forgery. In 1817 appeared his principal work, On the Principles of Political Economy and Taxation.) This work instead of being a historical or philosophical treatment of she general theme is rather a specialised examination of such factors as value, rent, wages, etc., and his contributions to subjects, while not absolutely original, yet were for the first time sued with fullness and authority. His writings have had a pro found influence upon modern doctrines, though, his views are not now fully accepted. James, Mill and J. R. McCullock were his disciples.. He retired from, business in 1814, and. in 1819 entered Parliament for the Irish borough of , Portarlington. He held the seat until his death and contributed to important discussions of . financial questions. Consult 'Life' by McCul lock (1846). See POLITICAL ECONOMY.