Ricardo’s Dream

From the workings of financial markets to our response to the ecological crisis, economic theory shapes the world. But where do these ideas come from?

Ricardo’s Dream tells the fascinating story of David Ricardo, Adam Smith’s only real rival as the ‘founder of economics’. The wealthiest stock trader of his day, Ricardo introduced the study of abstract models to economics. He also developed the theory of trade that underpinned globalization and hides, behind its mathematical facade, a history of power, empire, and slavery.

Brimming with fresh ideas and stories, Ricardo’s Dream shows how too many economists, from Ricardo’s day to our own, have turned away from observing the real world and led us astray.

On the Transforming Society blog: 
PODCAST: How economics left the real world behind

In the media: 
Isaac Newton’s wealth ‘intimately connected’ with slavery, author says for The Guardian
Letter: COP29 has a chance to put people before policy in the Financial Times 

“Systematically examines and excavates the flimsy foundations of today's economic orthodoxy. ....essential reading for the curious and a vital antidote for all students of economics." Ann Pettifor, Policy Research in Macroeconomics

“A fascinating investigation into the development of economic thought from David Ricardo’s era to the present day – and its impact on real lives and livelihoods. Wide-ranging and carefully researched, this book shows the temptations and dangers of assuming away too much of reality in the pursuit of elegant economic models. A heartfelt and reasoned call for a more human economics.” Erica Thompson, author of Escape from Model Land

“Brilliant and erudite... This pioneering deep dive into Ricardo’s intellectual and social universe is a revelation for those interested in history, economics, science and their rich interaction at the dawn of the modern world.” Jacob Soll, University of Southern California, author of Free Market: The History of an Idea

“A wonderful achievement bursting with humanity. As important for how we study international economic affairs today as it is in reappraising nineteenth-century imperial trade." Matthew Watson, University of Warwick

“Dyer skilfully shows how Ricardo’s simple, incredibly influential models hid a history of conquest and exploitation spanning four continents — and how a commitment to models over evidence can hide similar misdeeds even today.” Elizabeth Popp Berman, University of Michigan, author of Thinking Like an Economist

“Excellently researched and beautifully written, Ricardo’s Dream transformed my understanding of Isaac Newton’s engagement in global trade and British imperialism by highlighting the importance of Brazilian gold.” Patricia Fara, University of Cambridge, author of Life After Gravity

“This important and lucid book skewers – in delightful detail – the false gods of the profession that has wreaked so much modern havoc, around the globe.” Nicholas Shaxson, author of Treasure Islands

“Nat Dyer's gripping, page-turning exposé of the Neverland of economic models, thriving at the crippling expense of the real world, is simply brilliant.” Patrick Alley, co-founder Global Witness and author of Very Bad People and Terrible Humans

“Economics should be about the wellbeing of people and the integrity of the planet Earth. This brilliant book gets us closer to this end goal.” Satish Kumar, author of Soil, Soul, Society

“An engaging critique of economics, which takes Ricardo’s personality and his abstract theories of trade and rent as founding models for the discipline. Lively and compelling, it calls for more grounded and inclusive approaches.” Avner Offer, University of Oxford

Introduction: "As Certain as the Principle of Gravitation"

Part 1: Birth

1. The Other Founding Father of Economics

2. "The Unshakeable Basis for International Trade"

3. Unequal Treaty

4. Black Gold

5. Newton's Mint

6. The Empire of Free Trade

Part 2: Death

7. "Dropped from Another Planet"

8. "Purely Hypothetical Truths"

9. The Fall

Part 3: Rebirth

10. The Return of Unreality

11. Big Finance

12. Trading Barbarians

13. Life: An Externality

14. New Hope

Conclusion: Look at the World