Ricardian economics in the context of "Comparative advantage"

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⭐ Core Definition: 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 energised 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 both Marx's Das Kapital and Marshallian economics, including the theory of economic rent, the labour theory of value and above all the theory of comparative advantage.

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Ricardian economics in the context of James Mill

James Mill (born James Milne; 6 April 1773 – 23 June 1836) was a Scottish historian, economist, political theorist and philosopher. He is counted among the founders of the Ricardian school of economics. He also wrote The History of British India (1817) and was one of the prominent historians to take a colonial approach. He was the first writer to divide Indian history into three parts: Hindu, Muslim and British, a classification which has proved surpassingly influential in the field of Indian historical studies.

Mill was the father of John Stuart Mill, a noted philosopher of liberalism and utilitarianism, and a colonial administrator at the East India Company.

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