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David Ricardo, English economist

David Ricardo, English economist

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David Ricardo (1772-1823), English economist. He was one of the most influential classical economists as well as a successful businessman. Ricardo introduced mathematical modelling to economics. He published On the Principles of Political Economy and Taxation in 1817, which was revised three times. He put forward the idea of the "Ricardian equivalence", where he suggested that the choice of a government to pay for spending using taxes might have no effect on the economy. Ricardo's theory of "comparative advantage" stated that nations could benefit from free trade.

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