David Ricardo

David Ricardo (18th April, 1772–11th September, 1823), a political economist, was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. He was also a businessman, financier and speculator, and amassed a considerable fortune.

Ricardo was the third of seventeen children in a Jewish family that emigrated from the Netherlands to Great Britain just prior to his birth. At age 14, after a brief schooling in Holland, Ricardo joined his father at the London Stock Exchange, where he began to learn about the workings of finance. This beginning set the stage for Ricardo's later success in the stock market and real estate.

Ricardo became interested in economics after reading Adam Smith's “The Wealth of Nations” in 1799 on a vacation to the English resort of Bath. This was Ricardo's first contact with economics. He wrote his first economics article at age 37 and within another ten years he reached the height of his fame.

Ricardo's work with the stock exchange made him quite wealthy, which allowed him to retire from business in 1814 at the age of 42. He then purchased and moved to Gatcombe Park, an estate in Gloucestershire.

In 1819, Ricardo took a seat in the House of Commons, he held the seat until his death in 1823.

Ricardo was a close friend of James Mill, who encouraged him in his political ambitions and writings about economics. Other notable friends included Jeremy Bentham and Thomas Malthus, with whom Ricardo had a considerable debate (in correspondence) over such things as the role of land owners in a society. He also was a member of London's intellectuals, later became a member of Malthus' Political Economy Club.

Ricardo's most famous work is his “Principles of Political Economy and Taxation”. This book introduces the theory of comparative advantage. Ricardo opens the first chapter with a statement of the labour theory of value. Later in this chapter, he demonstrates that prices do not correspond to this value. He retained the theory, however, as an approximation. Ricardo continued to work on his value theory to the end of his life.

Like Adam Smith, Ricardo was also an opponent of protectionism for national economies, especially for agriculture. He believed that the British “Corn Laws” — tariffs on agriculture products — ensured less productive domestic land and higher rents.

Ricardo is responsible for developing theories of rent, wages, profits, and Ricardian equivalence, which suggests that in some circumstances a government's choice of how to pay for its spending has no effect on the economy.

Notes:

1. “ The Wealth of Nations” – «Богатство наций»

2. Bath – [´ba:ө] – Бат

3. Gloucestershire – [´glostәςә] – Глостершир

4. Political Economy Club – Клуб политической экономики

5. “Principles of Political Economy and Taxation” – «Начала политической экономии и налогообложения»

I. Прочитайте текст (без словаря).

II. Перепишите предложения. Определите по грамматическим признакам, какой частью речи являются слова, оформленные окончанием -s и какую функцию это окончание выполняет, т.е. служит ли оно:

а) показателем 3-го лица единственного числа в Present Indefinite;

б) признаком множественного числа имени существительного;

в) показателем притяжательного падежа имени существительного.

Переведите предложения на русский язык.

1. Ricardo became interested in economics after reading Adam Smith's The Wealth of Nations.

2. Ricardo's work with the stock exchange made him quite wealthy.

3. He was a member of London's intellectuals, and a member of the King of Clubs.

4. This book introduces the theory of comparative advantage.

5. Ricardo is responsible for developing theories of rent, wages, profits.

III. Перепишите следующие предложения и переведите их, обращая внимание на особенности перевода на русский язык определений, выраженных именем существительным.

1. At age 14, after a brief schooling in Holland, Ricardo joined his father at the London Stock Exchange.

2. He wrote his first economics article at age 37.

3. He often debated with Jeremy Bentham and Thomas Malthus over the role of land owners in a society.

4. Ricardo opens the first chapter with a statement of the labour theory of value.

5. Ricardo continued to work on his value theory to the end of his life.

IV. Перепишите следующие предложения, содержащие разные формы сравнения, и переведите их на русский язык.

1. David Ricardo was one of the most influential of the classical economists.

2. This beginning set the stage for Ricardo's later success in the stock market and real estate.

3. Ricardo's most famous work is his Principles of Political Economy and Taxation.

4. Ricardo was a close friend of James Mill.

5. He believed that tariffs on agriculture products ensured less productive domestic land and higher rents.

V. Перепишите следующие предложения, определите в них видо-временные формы глаголов и укажите их инфинитив. Переведите на русский язык.

1. David Ricardo was a businessman, financier and speculator, and amassed a considerable fortune.

2. In 1819, Ricardo took a seat in the House of Commons.

3. Notable friends of David Ricardo included Jeremy Bentham and Thomas Malthus.

4. In his famous book he demonstrates that prices do not correspond to this value.

5. Ricardo is responsible for developing theories of rent, wages, profits, and Ricardian equivalence.

VI. Перепишите текст и переведите его на русский язык.

VII. Ответьте (письменно) на следующие вопросы к тексту.

1. When did David Ricardo become interested in economics?

2. Why did David Ricardo retire from business at the age of 42?

3. What is his most famous work?

4. What theory does his work introduce?

5. What other theories did Ricardo develop?

Вариант 5