“Ricardo, writing fifty years later than Smith, showed a greater insight into the working of the economic system; but as for the subtlety (whatever demerit there may be in that!) the Scot does not lose by comparison with the Jew.”

—  Eric Roll, Baron Roll of Ipsden

Source: A History of Economic Thought (1939), Chapter IV, The Classical System, p. 176

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Ricardo, writing fifty years later than Smith, showed a greater insight into the working of the economic system; but as…" by Eric Roll, Baron Roll of Ipsden?
Eric Roll, Baron Roll of Ipsden photo
Eric Roll, Baron Roll of Ipsden24
British economist 1907–2005

Related quotes

“In contrast to Smith’s incomplete modeling, his follower, David Ricardo, provides a coherent setting— basically, the first macroeconomic model—that can be tested, modified, and applied. Although Ricardo is surely narrower and less imaginative and insightful than Smith, he is also a lot better organized. That is why Ricardo’s analysis of macroeconomics—for example, of the implications of public debt—is more coherent and useful than Smith’s.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 10

Francis Bacon photo

“It cannot be that axioms established by argumentation should avail for the discovery of new works, since the subtlety of nature is greater many times over than the subtlety of argument.”

Francis Bacon book Novum Organum

Novum Organum (1620), Book I
Context: It cannot be that axioms established by argumentation should avail for the discovery of new works, since the subtlety of nature is greater many times over than the subtlety of argument. But axioms duly and orderly formed from particulars easily discover the way to new particulars, and thus render sciences active.

Aphorism 24

John Maynard Keynes photo

“The phrase laissez-faire is not to be found in the works of Adam Smith, of Ricardo, or of Malthus. Even the idea is not present in a dogmatic form in any of these authors. Adam Smith, of course, was a Free Trader and an opponent of many eighteenth-century restrictions on trade. But his attitude towards the Navigation Acts and the usury laws shows that he was not dogmatic. Even his famous passage about 'the invisible hand' reflects the philosophy which we associate with Paley rather than the economic dogma of laissez-faire.”

John Maynard Keynes book Essays in Persuasion

Source: Essays in Persuasion (1931), The End of Laissez-faire (1926), Ch. 2

Ronald H. Coase photo

“What I have done is to show the importance for the working of the economic system of what may be termed the institutional structure of production.”

Ronald H. Coase (1910–2013) British economist and author

1990s and later, "The Institutional Structure of Production" (1992)

John Maynard Keynes photo

“Adam Smith and Malthus and Ricardo! There is something about these three figures to evoke more than ordinary sentiments from us their children in the spirit.”

John Maynard Keynes (1883–1946) British economist

Source: Essays In Biography (1933), Robert Malthus: The First of the Cambridge Economists, p. 148

James Tobin photo

“Economics has always flourished and acquired energy from controversies generated by practical policy questions of the day. That was true in the times of Smith, and Ricardo, and Keynes, and it is true today. These periods of division and revolution and counterrevolution are generally followed by periods of synthesis and consolidation from which the science emerges stronger. i am optimistic that this will happen again, and that the best of the insights of the new clasicals will be absorbed in a mainstream, in which the essential insights of Keynesian economists also survive.”

James Tobin (1918–2002) American economist

James Tobin, in Conversations with Economists (1983) by Arjo Klamer
1970s and later

Lydia Maria Child photo

“Fifty years hence, the black laws of Connecticut will be a greater source of amusement to the antiquarian, than her famous blue laws.”

Lydia Maria Child (1802–1880) American abolitionist, author and women's rights activist

Chapter VIII http://utc.iath.virginia.edu/abolitn/abeslmca5t.html <br class="br">1830s, An Appeal on Behalf of That Class of Americans Called Africans (1833) <br class="br">Context: I do not know how the affair at Canterbury is generally considered; but I have heard individuals of all parties and all opinions speak of it—and never without merriment or indignation. Fifty years hence, the black laws of Connecticut will be a greater source of amusement to the antiquarian, than her famous blue laws.

Brion Gysin photo

“Writing is fifty years behind painting.”

Brion Gysin (1916–1986) Canadian artist

Quoted in Brion Gysin: Tuning in to the Multimedia Age, ed. José Férez Kuri (Thames & Hudson, London, 2003), p. 153.

P. W. Botha photo

“The fact is that the Westminster system has not worked anywhere in Africa – not even in England because the Scots and Welsh are moving away from it.”

P. W. Botha (1916–2006) South African prime minister

As Minister of Defence, Port Elizabeth NP Congress, 20 September 1976, as cited in PW Botha in his own words, Pieter-Dirk Uys, 1987, p. 49

Léon Walras photo

“It took from a hundred to a hundred and fifty or two hundred years for the astronomy of Kepler to become the astronomy of Newton and Laplace], and for the mechanics of [[Galileo to become the mechanics of d'Alembert and Lagrange. On the other hand, less than a century has elapsed between the publication of Adam Smith’s work and the contributions of Cournot, Gossen, Jevons, and myself.”

Léon Walras (1834–1910) French mathematical economist

In : John Cunningham Wood (1993), Léon Walras: The life of Léon Walras and perspectives on his thought. Taylor & Francis, p. 32-33.

Related topics