Question

Use a well labeled graph depicting the Malthusian model to show what happens to a country’s population size and per capita income in the short run and in the long run due to COVID-19 in which productivity of workers is adversely affected suggesting less output is produced now (Y is falling). Explain your answer in few sentences

PLS I need help with this asap

Answer 1

Ans:-

The Malthusian model of population and economic growth has two key components. First, there is a positive effect of the standard of living on the growth rate of population, resulting either from a purely biological effect of consumption on birth and death rates, or a behavioral response on the part of potential parents to their economic circumstances. Second, because of the existence of some fixed resource such as land, there is a negative feedback from the size of population to the standard of living. These two components generate a number of predictions. Specifically, in the absence of technological change or expansion in the stock of the fixed resource, population will be stable around a constant level. Second, without changes in the function generating population growth, technological improvements or increases in the stock of resources will eventually result in more people but not a higher standard of living.

As a description of population-income interactions, the Malthusian model had a long period of success, covering most of human history in most of the world until the beginning of the industrial revolution. In this paper we ask whether the model has any relevance to the world today.

For the first part of the model—the positive causality running from income to population growth—the answer is clearly no. For reasons that have not fully been determined, countries that get richer now see falling rather than rising rates of population growth. Regarding the second part of the model—whether higher population lowers the standard of living—some further clarification is required before we can even pursue this issue.