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    Capitalist economists in the late 18th century believed that population growth would outpace food production, leading to famine, disease, and a poor underclass. Thomas Malthus argued in his 1798 work that misery and poverty were natural checks on population growth. Similarly, David Ricardo's 1798 Iron Law of Wages hypothesized that wages would decrease as population increased, ensuring a permanent poor class in society.

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    Capitalist economists in the late 18th century believed that population growth would outpace food production, leading to famine, disease, and a poor underclass. Thomas Malthus argued in his 1798 work that misery and poverty were natural checks on population growth. Similarly, David Ricardo's 1798 Iron Law of Wages hypothesized that wages would decrease as population increased, ensuring a permanent poor class in society.

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    10 views1 page

    Capitalist Economists

    Uploaded by

    stquinn864443
    Capitalist economists in the late 18th century believed that population growth would outpace food production, leading to famine, disease, and a poor underclass. Thomas Malthus argued in his 1798 work that misery and poverty were natural checks on population growth. Similarly, David Ricardo's 1798 Iron Law of Wages hypothesized that wages would decrease as population increased, ensuring a permanent poor class in society.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
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    Capitalist Economists

    1798 Thomas Malthus


    • Essay on the principles of population
    • misery and poverty were natural
    • population grows faster then the food supply
    • famine and disease were checks on population

    1798 David Ricardo


    • Iron Law of Wages
    • Wages would be forced down as population increased
    • There will always be a poor underclass in society

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