DAVID RICARDO

A classical economist known for his Iron Law of Wages, labor theory of value, theory of comparative advantage and theory of rents. David Ricardo and several other economists also simultaneously and independently discovered the law of diminishing marginal returns. His most well-known work is the The Principles of Political Economy and Taxation (1817).

Born in England in 1772, Ricardo had accumulated a sizable estate worth approximately £1 million at the time despite being disinherited by his family after marrying outside his religion. His wealth came from his success with a business he started that dealt government securities. After retiring at age 42, he served as a member of Parliament.