History of Economic Thought. The teachings of T. Malthus (the most important)

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History of Economic Thought. The teachings of T. Malthus (the most important)

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24. THE TEACHING OF T. MALTHUS

Thomas Malthus (1766-1834) was born in the countryside near London to a landowner's family. From 1793 he began to teach at the college. At the same time, he devoted all his free time to researching the problems of the relationship between economic processes and natural phenomena.

T. Malthus entered the history of economic thought as a man of one idea, one law, the "Law of Population" (1798). His views are characterized by inconsistency and incorrect premises.

The essence of the law of population: the population is growing exponentially, and the means of subsistence - in arithmetic. The biological ability to reproduce in humans exceeds its ability to increase food processes.

This very ability to reproduce is limited by the available food resources. As data to confirm your law Malthus took the rate of population growth in North America, where the population grew due to immigration, and not due to natural factors. Book Malthus was a success. In work Malthus shows rigid dependence of the population on the food resources of society and thus justifies wage theorydetermined by the cost of living.

Cause of poverty, in his opinion, is that population growth lags behind food growth. This formed the basis for the corresponding economic policy. Salary must be determined living wage. The subsistence level is understood as the minimum amount of money to maintain physical existence.

In his opinion, if wages, due to the growth in demand for labor, increase, i.e., exceed the subsistence level, "immoderate propensity to reproduce" will lead to population growth, labor supply will increase and wages will return to their original level. The miserable standard of living of workers is determined not by social conditions, but by natural, biological laws.

Malthus opposed the "poor law" and wage increases. He argued that it is impossible to increase the means of subsistence at the same rate that is characteristic of population growth, since, firstly, resources are limited; secondly, additional investments of labor and capital will provide an ever smaller increase, since with the growth of the population land of poorer quality is involved in cultivation ("the theory of diminishing fertility" is a prototype of the theory of "decreasing marginal productivity").

Malthus' theory of overproduction is this: aggregate demand is insufficient to purchase the entire mass of commodities at cost-recovering prices, since workers will not be able to buy the product they create, and entrepreneurs (thrifty and hoarders) will not help solve this problem. This can mitigate the unproductive consumption of landowners.

Merit Malthus lies in the fact that he raised the question of the problems of implementing the created product.

Author: Tatarnikov E.A.

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