| Thomas Malthus (1766-1834) proposed a pessimistic theory of economics, focusing on the shortage of resources and the growth of population. Malthus believed that human population grows exponentially (1, 2, 4, 8, . . .) but resources, particularly agricultural resources, grow only arithmetically (1, 2, 3, 4, . . .) so that eventually food shortages must reduce the majority of people to starvation. He advocated moral restraint, specifically suggesting that people marry late and have small families. Malthus also acknowledged the role of plagues, wars, and epidemics in containing overpopulation. From these ideas, economics earned its name as “the dismal science.” |
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