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David Ricardo made essential contributions to classical economics and has been called the most influential classical economist along with Adam Smith, Thomas Malthus, and John Stuart Mill.
In addition to the theory of comparative advantage, Ricardo’s most important legacy is on the subjects of momentary theory such as metallic currency and inflation. Using the essay The High Price of Bullion, he laid out the theoretical foundation of the repeal of the Bank Restriction Act of England.
Ricardo’s first pamphlet, The High Price of Bullion a Proof of the Depreciation of Bank Notes, was published in 1810. During The French Wars from 1792 to 1815, Bank of England printed too much paper money and caused inflation in England. In the essay Plan for the Establishment of a National Bank, he argued in favour of a metallic currency. Ricardo further told Bank of England in the essay that inflation also affected foreign exchange rates and the flow of gold.
The Essay in this book is the important thoughts and discussions by David Ricardo on the roles, operations, and scope of a central bank.
This is a must-read book for people who are also interested in the deepest thoughts and views about the core monetary subjects such as the roles of a central bank and stabilization of a momentary system by David Ricardo, one of the greatest thinkers on the planet.