London: John Murray, 1821. xii, 538 pages. 8vo.
Third Edition. The last edition by Ricardo in his lifetime. Includes the
enigmatic Chapter 31 "On Machinery", which has never been fully reconciled
with the balance of Ricardo's system. Leather re-back with new spine laid on.
Original full leather diced boards. Near Fine.
(Additional scans available on request.)
Our Inventory Item #IX-0003
David Ricardo (18 April 1772 – 11 September 1823)
was an English political economist and stock trader. He was often credited
with systematizing economics, and was one of the most influential of the
classical economists, along with Thomas Malthus, Adam Smith, and John
Stuart Mill. He was also a member of Parliament, businessman,
financier and speculator, who amassed a considerable personal fortune.
Perhaps his most important contribution was the law of comparative
advantage, a fundamental argument in favour of free trade among countries
and of specialization among individuals. Ricardo argued that there is
mutual benefit from trade (or exchange) even if one party (e.g.
resource-rich country, highly skilled artisan) is more productive in every
possible area than its trading counterpart (e.g. resource-poor country,
unskilled labourer), as long as each concentrates on the activities where
it has a relative productivity advantage.