David Ricardo (1772 – 1823) was the father of the Theory of Value. Ricardo (as Smith) worked with the assumption that land, labour, and capital were the main three factors of production.

David Ricardo (1772 – 1823) was a British political economist and one of the most influential classical economists (along with Thomas Malthus, Adam Smith and James Mill). He was also a politician and a member of the Parliament of Great Britain and Ireland.

Between 1500 and 1750, most economists/philosophers advocated Mercantilism, which promoted the idea of international trade based on trade surplus with other countries (absolute advantage). Ricardo challenged this idea arguing in favour of "comparative advantage". He suggested that (considering specific capital, production and technology conditions) industry specialization combined with free international trade always produces positive results.

He was also an abolitionist and the father of the Theory of Value. Ricardo (as Smith) worked with the assumption that land, labour, and capital were the main three factors of production. However, Ricardo believes only one of these three factors can't determine value on its own.