Ricardian economics [SEP] named after
Ricardian economics
Ricardian economics are the economic theories of David Ricardo, an English political economist born in 1772 who made a fortune as a stockbroker and loan broker. At the age of 27, he read "An Inquiry into the Nature and Causes of Wealth of Nations" by Adam Smith and was energized by the theories of economics.
His main economic ideas are contained in "On the Principles of Political Economy and Taxation" (1817). This set out a series of theories which would later become theoretical underpinnings of
Neri Salvadori (1951–), Pier Paolo Saviotti (–) among others. See also Neo-Ricardianism. The Neo-Ricardian school is sometimes seen to be a component of Post-Keynesian economics.
Influence and intellectual legacy Neo-Ricardians Neo-Ricardian trade theory.
Inspired by Piero Sraffa, a new strand of trade theory emerged and was named neo-Ricardian trade theory. The main contributors include Ian Steedman and Stanley Metcalfe. They have criticised neoclassical international trade theory, namely the Heckscher–Ohlin model on the