Ricardian
Ricardian means pertaining to the theories of the classical economist, David Ricardo. His chief work was The Principles of Political Economy and Taxation (1817). Ricardo endorsed the division of labor and social cooperation as beneficial to all (see "Comparative cost"), established the fact that political interference with free trade (tariffs) must curtail consumer satisfaction and that marginal land receives no rent for its use. This last contained the germ for the later developed theory of marginal utility which forms the basis for the subjective value theory. Ricardo's chief weaknesses were his endorsement of the labor theory of value, the domestic use of fiduciary money, the "Ricardo effect" and the idea that the economic problem is concerned with the distribution of shares of the final product to land, labor and capital.[1]
References
- ↑ Percy L. Greaves, Jr. "Mises Made Easier ", 1974. Referenced 2014-08-21.
