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Essay / Research Paper Abstract
6 pages in length. Classical economist Thomas Malthus' primary contribution to economics was his theory of population, which he published entitled "An Essay on the Principle of Population." At the core of Malthus' philosophy was the contention that population is inclined to
increase more rapidly than the supply of food that such growth necessitates. The writer compares his theory with those of Keynes and Smith. Bibliography lists 2 sources.
Page Count:
6 pages (~225 words per page)
File: LM1_TLCkynes.doc
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An Essay on the Principle of Population. At the core of Malthus philosophy was the contention that population is inclined to increase more rapidly than the supply of food
that such growth necessitates. "Whenever a relative gain occurs in food production over population growth, a higher rate of population increase is stimulated; on the other hand, if population
grows much faster than food production, the growth is kept in checked by famine, disease, and war" (Malthus PG). This economic stance was
motivated by the real world issue that reflected the sharp increase in food supplies as a direct result of both the French Revolutionary and Napoleonic eras. "Population, when unchecked,
increases in a geometrical ratio. Subsistence only increases in an arithmetical ratio. A slight acquaintance with numbers will show the immensity of the first power compared to the
second" (Malthus PG). Malthus fit into the general history of economic thought by concluding that such drastic propensity for growth could only lead to extreme distress, a belief that went
against prevailing optimistic beliefs of the early nineteenth century. "The number of labourers also being above the proportion of work in the market, the price of labor must tend
towards a decrease; while the price of provisions would at the same time tend to rise" (Malthus PG). People of that time disagreed with Malthus - whose writing served
to refute John Maynard Keynes economic philosophies - by asserting that societal resourcefulness would ultimately prove plenty strong enough for prosperous economic progress.
Compared to Malthus philosophies, Keynesian policies of John Maynard Keynes have been accused of causing inflation and large government bureaucracies, while a basic income policy has been touted as being
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