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The Macroeconomics of Malthus (Hardcover)
Loot Price: R4,186
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The Macroeconomics of Malthus (Hardcover)
Series: Routledge Studies in the History of Economics
Expected to ship within 12 - 19 working days
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The views of Thomas Robert Malthus (1766-1834) on population, first
published in his Essay on the Principle of Population, 1798,
continue to be hotly debated, either acclaimed or opposed, as do
his views on macroeconomics. There is a widely held view that his
macroeconomics lacks coherence and is merely a collection of
isolated jottings. This book challenges this view; it presents
textual evidence that Malthus's macroeconomics constitutes a
significant system of thought with considerable academic merit. It
reawakens debate about the relative merits of Malthus and Ricardo
as macroeconomists and contends that Malthus offers important
macroeconomic ideas and policy proposals relevant to modern
economic problems. It presents and analyses Malthus' ideas on
topics such as the determinants of aggregate economic growth; the
causes of general depression; the remedies for mass unemployment;
the balance between laissez-faire and government intervention; the
optimum division of expenditure between consumption, saving, and
investment; the distribution of income between wages, profits, and
rents; and the degree of economic inequality. Particular emphasis
is given to his view that the pattern of distribution of wealth
between the upper, lower, and middle classes is a major determinant
or factor in the production of wealth, and that continued economic
development depends on the growth of a large and affluent middle
class. The radical nature of some of his ideas and policy proposals
on the ownership and distribution of land is highlighted. An
extensive treatment of Say's Law, incorporating aspects of the
correspondence between Say and Malthus, addresses the question of
whether Malthus showed that Say's Law is merely a truism and lacks
any scientific relevance. The book also sheds new light on the
nature of the influence of Malthus on Keynes. This combination of a
search for textual authenticity and a critical assessment of the
views of commentators on Malthus will be of significant interest to
students and scholars of economic theory and the history of
economics.
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