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Econ. Oct 9

Published on Dec 06, 2015

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PRESENTATION OUTLINE

1.

David Ricardo

Mr. Melkonian
2.

Teacher makes a mistake on test

students point it out
3.

results from the test...

Photo by Maxwell GS
4.

potluck!

Photo by lars hammar
5.

ricardo also disagreed with smith

saw a lot of inequality between groups of people in his time
Photo by craftivist collective
6.

David Ricardo

  • Dad was Dutch, immigrated to Britain and made crazy money off stocks
  • Rich kid, started working for dad at 14
  • At 22 he had his own business
  • Started with 800 pounds, in 20 years made it a million
7.

Most investors overreact/exaggerate

he took advantage of this and made a fortune
8.

napoleon rose to power in france again

everyone freaked out!
9.

since war was more likely

british government securities (bonds) plummetted
Photo by ChrisGoldNY
10.

so this guy invests heavily before battle of waterloo

made a lot of money
11.

he retired at 42

swimming in too much money
Photo by Julien Haler
12.

'the principles of political economy and taxation'

famous book he wrote
Photo by Marcus Hansson
13.

aristocratic land lords not chipping in

core issue with free-enterprise capitalism
Photo by dbking
14.

elected to house of commons

argued for free trade - lower and middle class were treated unfair 
Photo by Iberian Proteus
15.

he lived through tough times too

napoleon, food shortage, political unrest
Photo by ecstaticist
16.

three main groups in british society

Photo by nickwheeleroz
17.

working class

modest wage
Photo by sing me a song
18.

industrialist class

good profits with factories they own
Photo by danielfoster437
19.

aristocratic landlord

insane money from rent
Photo by Chika
20.

with this set up

landlords would always have a competitive edge
Photo by Tc Morgan
21.

everyone else...

barely gets by
Photo by Franco Folini
22.

iron law of wages

low wages keep working class poor. greedy owners justify it 
Photo by national museum of american history
23.

absolute advantage

both parties benefit (trade abundant resource)
Photo by RuffLife
24.

comparative advantage

we can make both, but it's probably better if someone makes the other
Photo by Travis S.
25.

free trade

he really pushed for this
Photo by b-duss

Peter Melkonian