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RICARDO, DAVID. (1772-1823). British political economist. ALS. (“David Ricardo”). 1p. 4to. London, June 26, 1823. A very late and unpublished letter to French economist JEAN-BAPTISTE SAY (1767-1832), residing in Judd Street, Russell Square, London. Say was likely visiting London to deal with his ongoing dispute with his publisher Treuttel & Wurtz. “This evening there will be a discussion in the House of Commons on the Foreign Policy of England which you and your friend may like to hear. I send you two orders for admission into the Gallery which if you do not use you may put in the fire. – I remain Dear Sir yours very faithfully…The Gallery is opened at 4 oclock.” A businessman who made his fortune lending to the British government, Ricardo entered politics, buying a seat in Parliament where he advocated for parliamentary and legal reforms, the abolition of slavery, and free trade while opposing the Corn Laws and various duties on the grounds that they stifled economic growth. His social circle included philosophers James Mill (father of John Stuart Mill), Jeremy Bentham and Thomas Malthus, of whose Political Economy Club he was a member. In addition to his emphasis on free international trade, Ricardo is remembered for developing the concept of “comparative advantage,” which posits that nations should focus on industries where they are able to produce goods at the lowest cost. On June 26, 1823, the day of our letter, the House of Commons debated the unequal administration of the law in Ireland as claimed by Irish Catholics in a petition brought to the floor by 1st Baron Brougham and Vaux (1778-1868). The Catholic Association, formed in May 1823, and led by Daniel O’Connell, sought to win the rights of Irish Catholics including representation in Parliament. French liberal economist Jean-Baptiste Say is best known for “Says Law,” which considered the relationship between supply and demand, asserting that before there can be a demand, there must be a supply. Interestingly, Say’s theory can be said to have its roots in this section of Ecclesiastes, 5:11—“When goods increase, they are increased that eat them...” But America’s leading 20th-century economic theorist, John Kenneth Galbraith, observed that Say’s Law was “the most distinguished example of the stability of economic ideas, including when they are wrong,” (Money: Whence It Came, Where It Went, Galbraith). Like Say, Ricardo believed in free markets, competition and opposed government intervention, and protectionism. But they differed in their opinions on the importance of entrepreneurship and income distribution. It was in “Value Theory” that the two, perhaps, most differed, with Ricardo maintaining that the value of goods is determined by the labor that went into producing them and Say holding that value was determined by usefulness and consumer demand. Ricardo letters are rare – especially with an important association as our example – and from this late date. Ricardo died on September 11, 1823, and this is among the last he ever wrote. According to The Works and Correspondence of David Ricardo, ed. Piero Sraffa and M.H. Dobb (Indianapolis: Liberty Fund, 2005), Ricardo wrote only two other letters after ours and only one has survived. Folded and in very fine condition.