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David Ricardo (1772–1823): Monetary Policy Orthodoxy

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  • Jan Greitens

    (Johann Wolfgang Goethe-Universität)

Abstract

This chapter presents Ricardo’s strict monetary orthodoxy, combining metallism with the Quantity Theory of Money. He defines money as a commodity whose value depends on production costs while explaining price levels through money supply. Ricardo refines Hume’s Price–Specie Flow Mechanism, emphasizing exchange rates and capital flows. He advocates strict control of paper money issuance and supports gold convertibility as a safeguard against inflation. This chapter highlights Ricardo’s focus on monetary stability and his rejection of discretionary policy. His theory represents a systematic and rigorous formulation of classical monetary principles, prioritizing rule-based monetary policy.

Suggested Citation

  • Jan Greitens, 2026. "David Ricardo (1772–1823): Monetary Policy Orthodoxy," Springer Studies in the History of Economic Thought,, Springer.
    • Handle: RePEc:spr:spshcp:978-3-032-24113-9_16
    DOI: 10.1007/978-3-032-24113-9_16
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