What did Ricardo argue in his first economics article?
An increase in the note-issuing of the Bank of England
A reduction in the note-issuing of the Bank of England
The abolishment of the Bank of England
The privatization of the Bank of England
Answer
In his inaugural economics article, David Ricardo contended that the Bank of England's note-issuing policies were the primary cause of economic instability. He argued that an excessive issuance of banknotes led to inflation and a disruption in the balance of payments, resulting in economic fluctuations and crises. Ricardo's analysis marked a significant shift in economic thought and influenced subsequent monetary policies.
The Ricardo Revolution: Mastering David Ricardo's Economic Legacy
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