Classical Economic Theories and Industrial Social Change
Classified in Geography
Written on in
English with a size of 3.25 KB
Classical Economic Theories and Social Change
Malthusian Theory of Population Growth
Thomas Malthus theorized that population grows at a geometric rate (e.g., 2, 4, 8, 16...), while food increases at an arithmetic rate (e.g., 1, 2, 3, 4...). Eventually, the population will exceed the capacity of food production. Population will rise until a limit to growth is reached. Once this happens, people will fight for resources.
David Ricardo and the Iron Law of Wages
David Ricardo argued that population affects the economy. Wages are determined by supply and demand: high labor supply leads to low wages; low labor supply leads to high wages.
Humanitarianism and Utilitarian Philosophy
- Humanitarianism: People who seek to help others.
- Jeremy Bentham (Utilitarianism)