Malthus’s Theory of Effective Demand and Growth

Walter Eltis
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Walter Eltis: Exeter College

Chapter 5 in The Classical Theory of Economic Growth, 2000, pp 140-181 from Palgrave Macmillan

Abstract: Abstract In 1820 when he published his Principles of Political Economy Malthus — with David Ricardo, the subject of the next chapter — was one of England’s two most distinguished and highly regarded political economists. The Essay on Population had run through five editions and become part of the conventional wisdom, and Malthus had also published important pamphlets and become a principal reviewer for the Edinburgh Review and subsequently for the more conservative Quarterly Review.1 From this standpoint of high reputation and prestige he attempted to correct the all but universal belief of his contemporaries that effective demand had no influence on output, and that extra thrift always resulted in faster capital accumulation and economic growth. These propositions had originated only from the time of Adam Smith, for the Mercantilists had considered demand extremely important, while the Physiocrats had believed that increasing agricultural investment and a growing demand for food were both indispensable for growth.

Date: 2000
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DOI: 10.1007/978-0-230-59820-1_5

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