Topic > Essay on Malthus' theory - 974

Malthus was part of one of the best-known economic schools, the classical school. He was also one of the most controversial figures of the classical school. Malthus' two most famous works are “An Essay on the Principle of Population” published in 1798, the fundamental principles of his arguments were radically contrary to the current thinking of the time. He insisted that increasing population would eventually diminish society's ability to feed itself. Darwin's theory of natural selection was influenced by Malthus's analysis of population growth. He insisted that increasing population would eventually diminish society's ability to feed itself. Darwin's theory of natural selection was influenced by Malthus's analysis of population growth. The second was “Principles of Political Economy” published in 1820 in which he stated that an excess of supply over demand was possible and this led to unemployment. The fundamental principles of his two theories were radically contrary to the current thinking of the time. And he was often misunderstood, but his views and idea became popular again in the 20th century with the rise of Keynesian economics. Malthus died on 23 December 1834. During this time two important controversial issues occurred in England and it was these two issues that caused Malthus to develop his theories. The first was the increase in poverty. There was a huge amount of poor and unemployment due to the industrial revolution, increased urbanization, and rapid population growth. This led to the creation of the Poor Laws, which implemented a system of poverty alleviation, ensured that the poor were housed in workhouses, clothed and fed, and that poor children were afforded the minimum education. They were... half the paper... The Corn Laws lead Malthus to develop another of his controversial theories, the theory of market glut. This theory stated that an excess of supply over demand was considered possible, which would ultimately lead to unemployment, a glut, and the key force that can prevent such excess was in the hands of the landowning class. Malthus argued: “There must therefore be a considerable class of people who have both the will and the power to consume more material wealth than they produce, otherwise the mercantile classes could not maintain the profitability to produce much more than they consume. In this class the landowners are undoubtedly pre-eminent. (Thomas Malthus, Principles of Political Economy, 2nd edition, 1836) which means that the owners must spend freely in order for there to be sufficient demand because they have the money to do so and this will lead to a reduction in unemployment. From