Ricardo, David

David Ricardo was a prominent 19th-century British economist known for his contributions to classical economics. He is best known for the theory of comparative advantage, which explains how countries can benefit from trade by specializing in the production of goods they can produce most efficiently. Ricardo also explored concepts like rent, wages, and profit, influencing modern economic thought. His work laid the groundwork for many economic principles used today, illustrating how trade and resource allocation can lead to improved economic outcomes for nations. His ideas remain relevant in discussions of international trade and economic policy.