David Ricardo: Comparative study with the theory of Adam Smith
David Ricardo is considered one of the main theorists of the English Classical School. Building on the work of Adam Smith with whom he began the study of Political Economy, he reformulated the theory of value and introduced an original reflection on the distribution of income, and particularly on rent.
In his work "The Principles of Political Economy", Ricardo took up the study of pension from the second chapter, the first was reserved for the value. Thus, the question we ask is: How is Smithian theory different from Ricardo? Is Ricardo's theory, a reaffirmation of that of Smith's or is it a different one?
We see first that his theory of value is quite a distance from Smith's, but that this distance is less when the price approaches or annuity while introducing his theory of differential rent.
Tags: David Ricardo, Adam Smith, Principles of Political Economy, Smithian theory versus Ricardo's theory