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When was the law of diminishing returns propounded?
It was propounded in 1772-1823 by David Ricardo.
Who is responisble for the law of diminishing returns?
An economist by the name of Turgot was responsible for the law of diminishing returns. Thomas Malthus and David Ricardo also had an influence of this principle which evolved from agriculture and food production.
Which of these was developed by David Ricardo?
law of comparative costs
What were the basic ideas of David Ricardo philosopher?
David Ricardo was an economist, not a philosopher. His key ideas included the theory of comparative advantage, which argues that countries benefit from specializing in producing goods they are best at, and the labor theory of value, which suggests that the value of a good is determined by the amount of labor required to produce it. Ricardo also contributed to the development of classical economics with his concept of diminishing returns.
Who developed the law of comparative advantages?
David Ricardo first promoted the theory in his 1817 book On the Principles of Political Economy and Taxation.
David ricardo developed his economic theory as a reaction to whos writing?
Adam smith
David Ricardo developed his economic theory as a reaction to this mans writings?
Smith
The law of comparative advantage was developed by who?
The law of comparative advantage was developed by David Ricardo, an economist in the early 19th century. Ricardo's theory explains why countries specializing in the production of goods in which they have a lower opportunity cost can benefit from trade with other countries.
The concept of 'no rent land ' is visualized by?
David Ricardo
When was David Ricardo born?
David Ricardo died on September 11, 1823 at the age of 51.
How old was David Ricardo at death?
David Ricardo died on September 11, 1823 at the age of 51.
Who is David Ricardo?
An economist.
