Worldview Of David Ricardo, Karl Marx, And John Stuart Mill

Describing the Macroeconomic Worldview Of David Ricardo, Karl Marx, And John Stuart Mill
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Describing the Macroeconomic Worldview of David Ricardo, Karl Marx, and John Stuart Mill
Introduction
In the current world, it is observable that most economists are using macroeconomic theories and methodologies to execute their duties. Typically, this arises from the fact that these ideologies have a traceable lineage of contributions towards the development of excellent economies in the world. Regardless of their opinions, a manifold of economists exists today, and these help in developing these models. Amidst the many, David Ricardo, Karl Marx, and John Stuart Mill remain some of the exceptional classical economists whose worldviews on macroeconomics, and their accomplishments identical to economic theories, hypotheses, and methodologies are worth discussing in this paper.
David Ricardo
Ricardo is one of the most memorable classical economists whose incredible success and fame remain milestones in the economic world. It is through his political influences and contributions to classical economics that Ricardo became famous and popular in the world. It is worth realizing that this outstanding economist was a great author, whose writings paved the way for his recognition by the world. For instance, although "Principles of Political Economy and Taxation" is his most famous work, it was after publishing "The High Price of Bullion" when other significant world economists accredited Ricardo. In this message that aimed at revealing the cause of inflation in England, Ricardo noted that it was the Bank of England's fault to release excess money in the economy. He then proposed secure plans and policies that would reform the proper operation of central banks (Kregel, 2016). After saying this statement, Ricardo's concept was accepted, and this contributed significantly to his fame.
Although Ricardo's family disowned him for not marrying a fellow Jewish, he did not find any difficulties in becoming a loan and stock-broker (Jovanovich, 2019). Since then, the mysterious fortune persuaded him to develop many economic theories for the world. Today, the world remembers this great economist because of the law of diminishing marginal returns, which he developed with the help of other economists. In addition, his theories of comparative advantage, value, and rent create a landmark that reflects his contribution to the economic world. Due to his refined idea of comparative advantage that was formally formulated as comparative cost, most economists today find peace in advising economies to embrace free trade. In this theory, economists use Ricardo's idea to encourage countries to purchase products they can get from other nations at a lower cost instead of producing them domestically. For instance, if a poor government uses 5 hours and 10 hours for producing a bottle of wine and a loaf of bread, respectively, Ricardo advises such a country to purchase these goods from other nations that spend less time, preferably 3 hours and one hour to produce the respective commodities. It is this practice that Ricardo calls comparative advantage that will allow the impoverished nation to gain from trade activities, in return.<...