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In: Economics

It was obvious even in Malthus’s lifetime that his theory had numerous defects. Describe those defects...

It was obvious even in Malthus’s lifetime that his theory had numerous defects. Describe those defects and discuss why, given them, we are still talking about Malthus.

Solutions

Expert Solution

Malthusian theory:

This theory was proposed by Thomas Robert Malthus in 1798, in this essay on the Principle of Population. It was called the Malthusian Theory of Population. This theory was based on the exponential population growth and the mathematical growth of food supply.

He believed that there can be various checks that can control the population and balance the supply of food according to the population levels. These checks were the prevenetive and positive checks.

As every theory has its pros and cons, the Malthusian theory also had its pros and cons. It had some defects which followed its criticism.

The defects of the theory are:

1.

The forms of mathematics were used wrongly:

The increase in food supply in arithmetic progression was not similar to a geometric progression increase in population.

2.

It did not foresee the increment in various areas of production of food:

This theory has a narrow vision which was confined to the local conditions of England. It did not look into the production of food taking place in Australia, Argentina and U.S.

3.

The relation of Population to Food supply rather than Total wealth:

The theory of Malthus related the Population with the Food supply, whereas the right relationship was with the total wealth. If the country is rich in money, even though it does not produce food, it can import the same and feed its citizens.

4.

The increase in population is related to rising birth rate:

This theory is one sided, as it compares the increase in population to rising birth rate, whereas there was a increase in the population due to decline in death rate.

Why we talk about Mathu's thoery today also:

Though there were various defects in the theory and was criticized due to it, still the theory cannot be abolished completely. It said that unless the economy exercises the preventive checks, the positive checks cannot be operated. This can be stated true in today’s scenarios also.

Today’s conditions are what the theory gives, i.e. the high birth date, poverty, quarrels in communities etc. the standard of living is low and also there is deficit of food supply for the population of various countries.


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