In: Economics
Some historians hold that economic theory can be explained as an intellectual reaction to problems of the times. Use this thesis to explain Malthuss contributions to economic thought.
The concept of Malthus's population principle(also known as Population Trap) are clear. There is an inherent divergence between growth of population and the factors that needed to sustain it. But in Malthus's principle, concepts that are the foundations of the principle, are used in complex ways. Here we can examine population problem envisaged by Malthus, and finds each one wanting, before concluding that Malthus appears to advocate a diversified and balanced economy. Now if we consider the approach of Malthus towards population principle, we can conclude the following,
Malthus concludes that Human reproduction is a consequence of
deliberate human action and a sensibile one must not increase his
family size to keep up the growth and earnings.He also stated that
because of diminishing return to the fixed factors, land, food
supplies could expand only at a roughly arithmetic rate. So, with a
expand in population, his or her marginal contribution to food
production would actually start to decline.
Now if we discuss the approach in the context of time, three
factors, that appear to account for the formation of Malthus’s
theory.