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Ricardo, David, 1772-1823 (B3)<br />A leading English CLASSICAL ECONOMIST who came to economic study after a rigorous Tahnudic education at the Portuguese Synagogue of Amsterdam, a lucrative career as a London stock jobber and a chance reading of SMITH's Wealth of Nations at Bath in 1799. The great inflation of the Napoleonic Wars period brought him to write a pamphlet on monetary economics, The High Price of Bullion, in 1811. The coRN LAWS controversy inspired An Essay on the Influence of a Low Price of Corn on the Profits of Stock, his first attempt to create a model of the economy using the DIFFERENTIAL THEORY OF RENT, the law of DIMINISHING RETURNS and the inverse relationship between wages and profits. James MILL encouraged him to expand it into the larger, and very influential, Principles of Political Economy and Taxation, first published in 1817. What originally had been a theory to show that restricting corn imports would lead to an extension of cultivation to marginal land and a fall in the rate of profit became an integrated theory of value, distribution, international trade and taxation. The most controversial aspect of it was, perhaps, his theory of value. This was narrower than SMITH's in that it emphasized labour quantities as an explanation of relative values at all stages of society and was more concerned with the quest for an invariable standard of value, seen by contemporaries as important at a time when INDEX NUMBERS were not available to show the extent of inflation. Although many of his key theories were not original (e.g. DIFFERENTIAL THEORY OF RENT, the Jaw of COMPARATNE ADVANTAGE) his central model dominated the thinking of his day and was to be an important starting point for John Stuart MILL, MARX and MARSHALL. As a Member of Parliament from 1819 for Portarlington, a rotten borough, he was to be an influential debater on central issues, especially on monetary questions, later being a major inspiration for the Currency SchooL His home at Gatcombe Park, Gloucestershire (later the home of HRH The Princess Royal), was used as the venue of the Political Economy Club, the only forum for the leading economists of the time to discuss economics. He died, much admired, leaving the immense fortune of ?775,000, including agricultural estates, despite having created an economic theory so despised by the landed interest.<br /> See also: neo-Ricardians; Sraffa <br /><em>Reference</em><br />Blaug, M. (1958) Ricardian Economics: A Historical Study, New Haven, CT: Yale University Press.<br /> Hollander, S. (1979) The Economics of David Ricardo, Toronto: University of Toronto; London: Heinemann Educational Books.<br /> Morishima, M. (1989) Ricardo's Economics, Cambridge: Cambridge University Press.<br /> Sraffa, P and Dobb, M.H. (eds) (1951-73)<br />The Works and Correspondence of David Ricardo, Cambridge: Cambridge University Press.
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an economic activity does not have any spin-offs in terms of services and processing and so there is an absence of the dynamic effects of intersectoral growth.<br /> 2 A sub-economy of an advanced economy, e.g. in the USA, ethnic groups have formed distinct sub-economies with, for example, Cubans or Mexicans comprising both the owners and workers.
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<strong>Claim</strong> – The process by which the lender or holder requests reimbursement from the guarantor for a FFEL Program loan due to the borrower' s default, loss of eligibility, or qualification for forgiveness or discharge.
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public sector borrowing requirement (H6)<br />The excess of expenditure over receipts of central and local government. In more detail, it can be regarded as finance provided to the public sector by borrowing to provide for current and capital expenditure and for lending to the private sector and overseas. The public sector borrowing requirement (PSBR) is reduced by either cuts in public expenditure plans or more stringent controls of existing spending programmes. The concept only became important to UK economic policy making in the 1970s, a period when the PSBR relatively increased: in 1975 it was 19 per cent of total government expenditure and 10 per cent of gross domestic product. Despite the central importance given to the PSBR by many Treasury ministers, it is difficult to achieve a target for it as there can be many changes in the components constituting both revenue and expenditure. UK government saving in the 1980s caused the concept to be replaced by PUBLIC SECfOR DEBT REPAYMENT.<br /> <br /><em>Reference</em><br />Peacock, A.T. and Shaw, G.K. (1981) The Public Sector Borrowing Requirement, Buckingham: University College at Buckingham.
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