One of Ricardo's views on the future long-term market economy was the theory of comparative advantage. He introduced this theory in his book entitled “Principles of Political Economy and Taxation”. This theory asserted that the benefits of international trade could be fostered when nations represent considerable authority over goods in which they have a preferred viewpoint as well as a favorable relative position compared to other nations with a specific end goal. This theory proposed that international trade would bring benefits to all trading partners and provides formal justification for organized trade agreements. This dishonors the mercantilist perspective of exchange, which views the collection of tariff surpluses as a means of profiting from the rate. “Applying Ricardo’s ideas to data requires overcoming a key empirical challenge. Suppose, as Ricardo's theory of comparative advantage predicts, that different economic activities are based on their differences in productivity. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Next, Ricardo supported the wage theory. He supported this theory, believing that wages depended on relative measures of capital accessible for hiring specialists and the extent of the labor surge. Wages simply increase with an expansion of capital or a decrease in the number of specialists. Ricardo indicated that the salary seeks a level that is only sufficient to allow workers to subsist and propagate their race, without increase or reduction. As Ricardo said, “Profits depend on high or low wages, wages on the price of basic necessities, and the price of basic necessities mainly on the price of food.” Additionally, Malthus was one of the economists who focused on anything related to populations. He explained his thoughts on population in his book titled “Essay on the Principle of Population”. According to Malthus, the development of a population is the result of the whole process of economic improvement, but the insufficiency of a proportional increase in wealth cannot promote the expansion of the population. An insignificant increase in population cannot improve financial expansion. Population development only allows for progress, because it creates demand for successful expansion. The rate of capital accumulation would be impacted by interest in work. Malthus did not suggest the need to claim reserve funds and speculate for the development of the economy, but he does suggest an ideal level of inclination to save. Along these lines, it had a picture of propelled growth in economic development with utilization, speculation and investment funds expanding together. He characterized the issue of advancement by clarifying the distinction between potential gross national product and actual gross national product. He is more concerned with short-term changes in wealth than with confidence in a long-term hypothesis. However, the vital question is that of achieving an abnormal state of the potential raw product. He said four important elements, such as territory, labor, capital and association, will impact the extent of potential gross national product. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get Custom Essay In Brief, he tried to point out that when these four..