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David Ricardo: Economists
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Ricardo was not so naive as to attempt to explain all market prices by labor costs. He recognized the importance of “nonreproducible” commodities whose value was solely determined by their rarity in the market. However, he considered these things—rare paintings, fine wines—to be a small portion of overall market consumption. He ... allowed a role for capital in determining value and argued that an increase in fixed (more permanent) capital as opposed to circulating (perishable) capital would increase value. By allowing value to be influenced by capital, Ricardo indirectly suggested that time played a major role in value, a discovery later generally attributed to other economists.[8]
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Ricardo was the first economist to make extensive use of deductive reasoning and arithmetical models to illustrate the anticipated reactions to juxtaposed market forces and responsive human action. His modes of analysis have become identified with economics as an academic discipline.
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Along with many other Classical economists, the titles of Ricardo's works do not have the ring of best-sellers about them, but in their time (and now!) they are judged to be very significant. Because of his background in the money markets and Stock Exchange, much of his early work was on these subjects. Some of these works included:
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