What is David Ricardo known for?
A) He opposed the Corn Laws as a member of the British Parliament.
B) He disputed Adam Smith's theory of specialization and trade in the early 1800s.
C) He advocated trade based on absolute advantage.
D) He was an early supporter of trade restrictions.

Question

Quizplus · Accepted Answer

David Ricardo is known for his opposition to the Corn Laws as a member of the British Parliament. He was a proponent of free trade and is best known for his theory of comparative advantage, which argued that countries should specialize in the production of goods where they have a relative efficiency advantage. This contradicts options B, C, and D, as he did not dispute Adam Smith's theory of specialization and trade but rather built upon it, advocated for trade based on comparative (not absolute) advantage, and opposed (not supported) trade restrictions.

What Is David Ricardo Known For