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David Ricardo: Ideas
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Ricardo's demonstration rests on the idea of relative efficiency, or comparative costs. Ricardo's principle is developed in greater detail in the Economics Interactive module on international trade, but it is important to note that the core of all free trade arguments harks back to this Ricardian concept. Ricardo's discussion of land rent and his analysis of taxation were ... trailblazing works that place modern economists forever in his debt.
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Ricardo had provided an answer to Britain’s long-term growth problems, and Britain became the “workshop of the world,” importing most of its food and “outsourcing” most of its agricultural employment. Ricardo’s ideas became “the fountainhead of all nineteenth-century free trade doctrine!”[5]
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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 into which moral ideas (beyond the plain prescriptions of honesty) can scarcely be said to enter, and where the operation of purely mercantile principles is most immediate and invariable. They were, besides, the departments 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.
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