Ricardo, rih KAHR doh, David (1772-1823), was the leading British economist of the early 1800's. He helped establish the field of classical economics, which stresses the importance of free trade and market competition for economic growth. In his book Principles of Political Economy and Taxation (1817), Ricardo defined the conditions that would enable a nation's economy to reach its greatest potential. He argued that private businesses should be free to seek high profits so they can accumulate capital and expand business operations.