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David Ricardo in the Industrial Revolution

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Robbie MacPherson

on 18 October 2012

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Transcript of David Ricardo in the Industrial Revolution

DAVIS RICARDO and the Industrial Revolution First, David Ricardo brought up a theory that stated, "that the value of almost any good was, essentially, a function of the labor needed to produce it" This statement proclaimed that the owners produceing goods in the factories, were basically cheating the laborers because they were not giving back that function of pay the laborers deserved, therefore the Owners were overworking but underpaying the workforce and Ricardo was speaking up. Opposing his statement was the other fact that Ricardo thought that the poor shouldn't be helped by the governemnt. Ricardos affect on the revolution David Ricardo left his mark on the revolution with his true and easily understood theories. In many of his statements Ricardo explained that the poor working class should not be handled with kindness, but they should work, " to improve their lot through thrift, hard work, and the limiting the size of their families." In this theory Ricardo focused his thoughts on the fact that the poor working class tried to make more children to make more workers in their family to a larger income, but in the end cheated themselves by paying more taxes. These theories left a mark on the revolution by decreasing poverty and creating a higher standard of living for all classes but still producing a great amount of goods. Another affect on the Revolution was Ricardos theory in, "Iron Law of Wages". This article explained to the Classes of the Revolution, meaning the poor up to the rich, that increasing the wages was fatal because it would lead to debt and no money to cover the cost of necessities. This theory left a footprint on the Revolution because without an explanation factoriy owners would have given into the pleads of the poor for higher wages. Thoughts on Labor Industiral Revolution's Effect on Ricardo Although Ricardo left many lasting improvements and theories to the Revolution, but the Industrial Revolution also had an affect on Ricardo as well. All of Ricardos theories were formulated and were designed to improve the Revolution and the people involved in it but over time Ricardos ideas were affected by the time of industry and molded new ideas into Ricardos mind. Bibliography Book__World History- The Modern Era, Author- Ellis Esler, Publisher- Prentice Hall, Copyright Date-2011, Copyright City- Boston
Web site__Brittanica.com Lasting Impact Ricardo had on the Industrial Revolution David Ricardos free market theory had a lasting impact on liberals and capitalists for the Revolution and time after. The many other theories such as how wages should not be increased for the working class had an impact because because it would create debt. These explanations Ricardo brought to the Industrial Revolution impacted the way factories and the working class are run today. This is a short video giving a summary of Ricardos life and theories Of David Ricardos many theories, the, "Iron law of Wages" gave his many views on the working class and how trade, payments and management should be controlled, which was in Ricardos most famous document, " The Principles of Political Economy and Taxation This is a map of population growth in England throughout the Industrial Revolution. The map shows how the Industrial Revolution affected the population and made it skyrocket for many years causing living standards to plummet down along with too little jobs to fill with so many people. By: Robbie MacPherson This is an image of the over populated, urbanized world that Ricardo knew and improved to the best of his ability
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