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David Ricardo is credited with synthesizing economics in the 19th century. Though some of Ricardo's theories have been modified and superseded, his foundational role in the development of economics is widely acknowledged.His famous book appeared under the title On the Principles of Political Economy and Taxation in 1817 and had three editions before his death in 1823.In the preface of the Principles, Ricardo clearly stated the three major objectives of ...
This book introduces the theory of comparative advantage. According to Ricardo's Theory, even if a country produces everything more efficiently than another country, it would reap gains from specializing in what it was best at producing and trading it with other nations. Ricardo believed that wages should be left to free competition, so there are no restrictions on the importation of agricultural products from abroad. The benefits of comparative advantage are ...