Ricardo (David Ricardo)

David Ricardo was a classical economist who developed foundational ideas about how economies function, especially in international trade. He introduced the theory of comparative advantage, which explains that countries benefit from specializing in producing goods where they have the lowest opportunity costs, and then trading. This leads to increased efficiency and wealth for all involved. Ricardo also analyzed land, labor, and capital as key factors of production, and contributed to understanding how supply, demand, and wage levels influence economic outcomes. His work remains influential in economics today, shaping modern trade policies and economic thought.