(L3): Malthus - Sandmo "Economics Evolving" chapter 4 (pp. 60-71) Flashcards
What is Malthus most renowned for?
His major contribution was the population theory, introduced in “An Essay on the Principle of Population.”
How were Malthus’s ideas received and who were they influential on?
His ideas greatly influenced demography and economics, and were notably reflected in Darwin’s evolution theory.
How did Malthus’s work evolve over time?
He consistently expanded his work to include empirical research from his travels, refining his original postulates.
What were Malthus’s foundational beliefs regarding population growth?
He believed that sexual passion would remain constant, leading to exponential population growth, while food supply increases linearly.
What did Malthus identify as natural checks on population growth?
He identified “misery” (like famine) and “vice” (including moral restraints) as natural checks.
What was Malthus’s critique of the poor relief system?
He criticized the poor relief system for incentivizing population growth without solving poverty.
What was Malthus’s stance on the Corn Laws?
Unlike many classical economists who favored free trade, Malthus supported the Corn Laws under certain conditions.
How did Malthus’s views differ from his contemporaries?
He held several heterodox views, challenging the notion of inevitable full employment and supporting landowners’ interests.
What was the nature of the interaction between Malthus and David Ricardo?
They engaged in intense debates on economic principles and theories of value, maintaining a close friendship despite differing views.
How did Malthus’s ideas influence later economic thought?
He proposed that aggregate demand could become insufficient for full employment, a view later echoed by Keynes, and his work affected social policy and population control debates.
What is Malthus’s legacy in modern economics and population studies?
His theories remain a fundamental part of these fields, with the Malthusian concept of resource limits being relevant in sustainability and development discussions.
