Malthus an essay on the principle of population analysis

The influence of Malthus' theories was substantial. Among others, he developed a theory of demand-supply mismatches which he called "gluts." Considered ridiculous at the time, as it violated Say 's Law which basically stated that supply creates its own demand, his theory was a precursor to later theories about the Great Depression, and to the works of admirer and economist John Maynard Keynes . Malthus has also been admired by, and has influenced, a number of other notable economists, including David Ricardo with whom he maintained a long lasting friendship but opposite thinking on economics.

In Malthus' opinion, the masses were incapable of exercising moral restraint, which was the only real remedy for the population problem. They were therefore doomed to live always at bare subsistence level. If all income and wealth were distributed among them, it would be totally wasted within one generation because of profligate behaviour and population growth, and they would be as poor and destitute as ever. Paternalistic attempts to help the poor were therefore highly likely to fail. Also, they were a positive evil because they drained wealth and income from the higher (and therefore more moral) ranks of society. These people were responsible - either in person or through patronage - for all the great achievements of society: art, music, philosophy, literature and so on owed their existence to the good taste and generosity of these people. Taking money from them to help the poor would deprive the world of culture.

Malthus an essay on the principle of population analysis

malthus an essay on the principle of population analysis

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