David Ricardo (18 April 1772 – 11 September 1823) was a British political economist. He was one of the most influential of the classical economists, along with Thomas Malthus, Adam Smith, and James Mill.[2][3] Perhaps his most important legacy is his theory of comparative advantage, which suggests that a nation should concentrate its resources solely in industries where it is most internationally competitive and trade with other countries to obtain products no longer produced nationally. In essence, Ricardo promoted the idea of extreme industry specialization by nations, to the point of dismantling internationally competitive and otherwise profitable industries. Ricardo took as a given the existence of a national industry policy aimed at promoting some industries to the detriment of others. For Ricardo some form of central economic planning was a necessity. Ricardo's theory of comparative advantage has been challenged by, among others, Joan Robinson and Piero Sraffa, but remains the cornerstone of the argument in favour of international free trade. Comparative advantage was the theoretical forerunner of the push towards globalization via increased international trade which is the guiding theme in the economic policy programme currently promoted by the OECD and the World Trade Organization, where it is assumed that increased international trade will lead to economic prosperity. The results of the implementation of this type of policy agenda are increasingly controversial. Although his influence on economics has been considerable, Ricardo actually began his professional life as a broker and financial market speculator. He amassed a considerable personal fortune, largely from financial market manipulation. Once retired, he bought a seat in the U.K. Parliament. He held his parliamentary seat for the last four years of his life. Ricardo died at the age of 51.

Adam Smith (16 June 1723 NS (5 June 1723 OS) – 17 July 1790) was a Scottish moral philosopher,

pioneer of political economy, and key Scottish Enlightenment figure.[1]

Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry

into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The

Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is

cited as the "father of modern economics" and is still among the most influential thinkers in the field

of economics today.[2]

Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where

he was one of the first students to benefit from scholarships set up by fellow Scot, John Snell. After

graduating, he delivered a successful series of public lectures at Edinburgh, leading him to

collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at

Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of

Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout

Europe, where he met other intellectual leaders of his day.

Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a

precursor to the modern academic discipline of economics. In this and other works, he expounded

upon how rational self-interest and competition can lead to economic prosperity. Smith was

controversial in his own day and his general approach and writing style were often satirised

by Tory writers in the moralising tradition of William Hogarth and Jonathan Swift. In 2005, The

Wealth of Nations was named among the 100 Best Scottish Books of all time.[3] It is said former UK

Prime Minister Margaret Thatcher carried a copy of the book in her handbag.[4]

The Rev. Thomas Robert Malthus FRS (13 February 1766 – 29 December 1834[1]) was an English

cleric and scholar, influential in the fields of political economy and demography.[2] Malthus himself

used only his middle name Robert.[3]

His An Essay on the Principle of Population observed that sooner or later population will be checked

by famine and disease, leading to what is known as a Malthusian catastrophe. He wrote in

opposition to the popular view in 18th-century Europe that saw society as improving and in principle

as perfectible.[4] He thought that the dangers of population growth precluded progress towards

a utopiansociety: "The power of population is indefinitely greater than the power in the earth to

produce subsistence for man".[5] As an Anglican cleric, Malthus saw this situation as divinely imposed

to teach virtuous behaviour.[6] Malthus wrote:

That the increase of population is necessarily limited by the means of subsistence,

That population does invariably increase when the means of subsistence increase, and,

That the superior power of population is repressed, and the actual population kept equal to the

means of subsistence, by misery and vice.[7]

Malthus placed the longer-term stability of the economy above short-term expediency. He criticized

the Poor Laws,[8] and (alone among important contemporary economists) supported the Corn Laws,

which introduced a system of taxes on British imports of wheat.[9] His views became influential, and

controversial, across economic, political, social and scientific thought. Pioneers ofevolutionary

biology read him, notably Charles Darwin and Alfred Russel Wallace.[10][11] He remains a much-

debated writer.

James Mill (6 April 1773 – 23 June 1836) was a Scottish historian, economist, political theorist, and philosopher. He was a founder of classical economics, together with David Ricardo,[1] and the father of John Stuart Mill, the philosopher of liberalism. His influential History of British India contains a complete denunciation and rejection of Indian culture and civilisation. He divided Indian history into three parts: Hindu, Muslim and British.