Questions about David Ricardo

Short answers, pulled from the story.

When was David Ricardo born and where did he grow up?

David Ricardo was born on the 18th of April 1772 in London. He grew up as the third surviving child of Abraham Israel Ricardo and Abigail Delvalle within a Sephardic Jewish community that had settled in England for three generations.

How did David Ricardo make his fortune before entering politics?

David Ricardo made the bulk of his fortune by profitably financing government borrowing during the Revolutionary and Napoleonic Wars. A popular story states that he netted upwards of a million sterling from speculation on the outcome of the Battle of Waterloo, though he actually sold his latest government stock in June 1815 before the result was known in London.

What are the key economic theories developed by David Ricardo?

David Ricardo advanced a labour theory of value that refined Adam Smiths earlier ideas and suggested mutual national benefit from trade even if one country is more competitive than its counterpart. He also contributed to theories of rent, wages, and profits by defining rent as the difference between produce obtained by equal quantities of capital and labour.

Why did David Ricardo convert to Unitarianism and what were the consequences?

David Ricardo converted to Unitarianism at age 21 after eloping with Priscilla Anne Wilkinson against his father's wishes. This religious difference resulted in estrangement from his family because his father disowned him completely and his mother apparently never spoke to him again.

When did David Ricardo die and when was his Plan for the Establishment of a National Bank published?

David Ricardo died on the 14th of September 1823 according to his obituary published in The Sunday Times. His document Plan for the Establishment of a National Bank was published posthumously in 1824 and argued for the autonomy of the central bank as the issuer of money.