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David Ricardo, financier and empirical economist

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  • Timothy Davis

Abstract

Historians of economic thought often criticize David Ricardo on the grounds that he lacked factual knowledge of Britain's economy, and that he recommended irresponsible policies in reliance on the axioms of Say's Law and the Quantity Theory of Money. This article establishes that Ricardo was well informed about business conditions in Britain. His livelihood depended on being able to predict, months in advance, the state of financial markets. This, in turn, meant predicting changes in the money supply, the foreign exchange rate, Government expenditures, and general economic activity. The article also illustrates how Ricardo used this same information when assessing Britain's economic state and when making recommendations about the choice of a monetary standard.

Suggested Citation

  • Timothy Davis, 2002. "David Ricardo, financier and empirical economist," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(1), pages 1-16.
    • Handle: RePEc:taf:eujhet:v:9:y:2002:i:1:p:1-16
    DOI: 10.1080/09672560110103351
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    References listed on IDEAS

    as
    1. Peach,Terry, 1993. "Interpreting Ricardo," Cambridge Books, Cambridge University Press, number 9780521260862.
    2. Charles F. Dunbar, 1887. "Deposits as Currency," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 1(4), pages 401-419.
    3. Arnold Heertje, 1991. "Three Unpublished Letters by David Ricardo," History of Political Economy, Duke University Press, vol. 23(3), pages 519-526, Fall.
    Full references (including those not matched with items on IDEAS)

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