Essay heading: David Ricardo

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American History

 

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December 30, 1998

 

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2 / 447

 

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In that affair, he was a partisan of the Bullionist position, which argued for the resumption of the convertibility of paper money into gold. In 1815, Ricardo published his groundbreaking Essay on..Profits. There he introduced the differential theory of rent and the "law of diminishing returns" to land cultivation...
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Coincidentally, this principle was discovered simultaneously and independently by Malthus, Robert Torrens and Edward West. (more astoundingly, all of them published their tracts within three weeks in February, 1815!) In his 1815 Essay, Ricardo formulated his theory of distribution in a one-commodity ("corn") economy...
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