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Joan Robinson

David Ricardo

David Ricardo (18th April, 1772–11th September, 1823), a political economist, was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. He was also a businessman, financier and speculator, and amassed a considerable fortune.

Ricardo was the third of seventeen children in a Jewish family that emigrated from the Netherlands to Great Britain just prior to his birth. At age 14, after a brief schooling in Holland, Ricardo joined his father at the London Stock Exchange, where he began to learn about the workings of finance. This beginning set the stage for Ricardo's later success in the stock market and real estate.

Ricardo became interested in economics after reading Adam Smith's “The Wealth of Nations” in 1799 on a vacation to the English resort of Bath. This was Ricardo's first contact with economics. He wrote his first economics article at age 37 and within another ten years he reached the height of his fame.

Ricardo's work with the stock exchange made him quite wealthy, which allowed him to retire from business in 1814 at the age of 42. He then purchased and moved to Gatcombe Park, an estate in Gloucestershire.

In 1819, Ricardo took a seat in the House of Commons, he held the seat until his death in 1823.

Ricardo was a close friend of James Mill, who encouraged him in his political ambitions and writings about economics. Other notable friends included Jeremy Bentham and Thomas Malthus, with whom Ricardo had a considerable debate (in correspondence) over such things as the role of land owners in a society. He also was a member of London's intellectuals, later became a member of Malthus' Political Economy Club.

Ricardo's most famous work is his “Principles of Political Economy and Taxation”. This book introduces the theory of comparative advantage. Ricardo opens the first chapter with a statement of the labour theory of value. Later in this chapter, he demonstrates that prices do not correspond to this value. He retained the theory, however, as an approximation. Ricardo continued to work on his value theory to the end of his life.

Like Adam Smith, Ricardo was also an opponent of protectionism for national economies, especially for agriculture. He believed that the British “Corn Laws” — tariffs on agriculture products — ensured less productive domestic land and higher rents.

Ricardo is responsible for developing theories of rent, wages, profits, and Ricardian equivalence, which suggests that in some circumstances a government's choice of how to pay for its spending has no effect on the economy.

Notes:

1. “ The Wealth of Nations” – «Богатство наций»

2. Bath – [´ba:ө] – Бат

3. Gloucestershire – [´glostәςә] – Глостершир

4. Political Economy Club – Клуб политической экономики

5. “Principles of Political Economy and Taxation” – «Начала политической экономии и налогообложения»

I. Прочитайте текст (без словаря).

II. Перепишите предложения. Определите по грамматическим признакам, какой частью речи являются слова, оформленные окончанием -s и какую функцию это окончание выполняет, т.е. служит ли оно:

а) показателем 3-го лица единственного числа в Present Indefinite;

б) признаком множественного числа имени существительного;

в) показателем притяжательного падежа имени существительного.

Переведите предложения на русский язык.

1. Ricardo became interested in economics after reading Adam Smith's The Wealth of Nations.

2. Ricardo's work with the stock exchange made him quite wealthy.

3. He was a member of London's intellectuals, and a member of the King of Clubs.

4. This book introduces the theory of comparative advantage.

5. Ricardo is responsible for developing theories of rent, wages, profits.

III. Перепишите следующие предложения и переведите их, обращая внимание на особенности перевода на русский язык определений, выраженных именем существительным.

1. At age 14, after a brief schooling in Holland, Ricardo joined his father at the London Stock Exchange.

2. He wrote his first economics article at age 37.

3. He often debated with Jeremy Bentham and Thomas Malthus over the role of land owners in a society.

4. Ricardo opens the first chapter with a statement of the labour theory of value.

5. Ricardo continued to work on his value theory to the end of his life.

IV. Перепишите следующие предложения, содержащие разные формы сравнения, и переведите их на русский язык.

1. David Ricardo was one of the most influential of the classical economists.

2. This beginning set the stage for Ricardo's later success in the stock market and real estate.

3. Ricardo's most famous work is his Principles of Political Economy and Taxation.

4. Ricardo was a close friend of James Mill.

5. He believed that tariffs on agriculture products ensured less productive domestic land and higher rents.

V. Перепишите следующие предложения, определите в них видо-временные формы глаголов и укажите их инфинитив. Переведите на русский язык.

1. David Ricardo was a businessman, financier and speculator, and amassed a considerable fortune.

2. In 1819, Ricardo took a seat in the House of Commons.

3. Notable friends of David Ricardo included Jeremy Bentham and Thomas Malthus.

4. In his famous book he demonstrates that prices do not correspond to this value.

5. Ricardo is responsible for developing theories of rent, wages, profits, and Ricardian equivalence.

VI. Перепишите текст и переведите его на русский язык.

VII. Ответьте (письменно) на следующие вопросы к тексту.

1. When did David Ricardo become interested in economics?

2. Why did David Ricardo retire from business at the age of 42?

3. What is his most famous work?

4. What theory does his work introduce?

5. What other theories did Ricardo develop?

Вариант 5

Joan Robinson was born in 1903 in England. She studied Economics at Cambridge until 1935. Joan Robinson returned to Cambridge to teach after a three-year stint in India with her husband, economist Austin Robinson. Joan Robinson earned the position of full lecturer in 1937. During this decade, as she taught, she published three books and several articles.

Many economists stick to one area of study throughout their career. Joan Robinson instead studied and wrote on a greatest number of topics. Initially she was a neoclassical economics supporter. In 1936-37 she got acquainted with John M. Keynes and as one of the most active member of the "Cambridge School" of economics, Robinson assisted with the support and exposition of Keynes's General Theory and wrote especially on its employment implications. In 1942 Robinson mostly concentrated on Karl Marx as an economist, who helped to revive the debate on this aspect of his legacy.

During the Second World War Joan Robinson worked for several committees for the wartime Labour government. In this position she visited both the Soviet Union and China. Joan Robinson praised the Chinese Cultural Revolution and reported her observations and analyses of it in “An Economic Perspective” (1958), “The Cultural Revolution in China” (1969), and “Economic Management in China” (1975-1976). Her main interests were in economics of underdeveloped and developing countries. Robinson’s contributions in this area of economics were really great.

In 1956 Joan Robinson published her magnum opus “The Accumulation of Capital”. Despite the fact that it is now more than 50 years old many people agree that students will learn more about finance, money and credit from this book than from any other textbook.

Close to the end of her life she studied and concentrated on methodological problems in economics and tried to recover the original message of Keynes's General Theory. Between 1962 and 1980 she wrote many books to try and bring several economic theories to the general public. Robinson suggested to develop an alternative to the revival of classical economics.

Joan Robinson never won a Nobel Prize in Economics. Some people believe that this was due to her gender: a female never wins a Nobel Prize in Economics. Other people believe that she never won this prize due to her eclectic study of economics.

Notes:

1. Austin Robinson – [´ostin ´robinsən] Остин Робинсон

2. “An Economic Perspective” – «Экономическая перспектива»

3. “The Cultural Revolution in China” – «Культурная революция в Китае»

4. “Economic Management in China” – «Экономический менеджмент в Китае»

5. “The Accumulation of Capital” – «Накопление капитала»

I. Прочитайте текст (без словаря).

II. Перепишите предложения. Определите по грамматическим признакам, какой частью речи являются слова, оформленные окончанием -s и какую функцию это окончание выполняет, т.е. служит ли оно:

а) показателем 3-го лица единственного числа в Present Indefinite;

б) признаком множественного числа имени существительного;

в) показателем притяжательного падежа имени существительного.

Переведите предложения на русский язык.

1. Robinson assisted with the support and exposition of Keynes' General Theory.

2. Joan Robinson was very interested in underdeveloped and developing countries.

3. A female never wins a Nobel Prize in Economics.

4. Joan Robinson’s contributions in this area of economics were really great.

5. She wrote many books to try and bring several economic theories to the general public.

III. Перепишите следующие предложения и переведите их, обращая внимание на особенности перевода на русский язык определений, выраженных именем существительным.

1. Robinson wrote especially on employment implications of Keynes's General Theory.

2. During the Second World War Joan Robinson worked for the wartime Labour government.

3. Joan Robinson returned to Cambridge to teach after a three-year stint in India.

4. Her husband Austin Robinson also was a famous economics scientist.

5. Initially Joan Robertson was a neoclassical economics supporter.

IV. Перепишите следующие предложения, содержащие разные формы сравнения, и переведите их на русский язык.

1. Joan Robinson earned the position of full lecturer in 1937.

2. Joan Robinson instead studied and wrote on a greatest number of topics.

3. Students will learn more about finance, money and credit from this book than from any other textbook.

4. Her magnum opus "The Accumulation of Capital" is now more than 50 years old.

5. In 1936-37 she got acquainted with John Maynard Keynes and became one of the most active member of the "Cambridge School" of economics.

V. Перепишите следующие предложения, определите в них видо-временные формы глаголов и укажите их инфинитив. Переведите на русский язык.

1. In 1942 Robinson mostly concentrated on Karl Marx as an economist.

2. Many economists stick to one area of study throughout their career.

3. Joan Robinson praised the Chinese Cultural Revolution and reported her observations and analyses of it in her books.

4. She never won this prize due to her eclectic study of economics.

5. Her main interests were in economics of underdeveloped and developing countries.

VI. Перепишите текст и переведите его на русский язык.

VII. Ответьте (письменно) на следующие вопросы к тексту.

1. What area of economics did Joan Robinson stick to?

2. Where did Joan Robinson work throughout her life?

3. What countries did Joan Robinson visit during the Second World War?

4. What is her magnum opus devoted to?

5. Why did Joan Robinson never win a Nobel Prize?

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