TAILIEUCHUNG - History of Economic Analysis part 60

History of Economic Analysis part 60. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 552 speculations of Mr. Godwin5 the author of the radical bible of the day and other writers. I still think that these facts do not prove more than that every idea can and will be made to serve some ideological purpose as soon as it emerges into the limelight. We are not however concerned with the application of this theory to practical questions or any applications except the one to the theory of wages which will be noticed later but only with the theory itself. As presented in the first edition it clearly was intended to mean that population was actually and inevitably increasing faster than subsistence and that this was the reason for the misery observed. The geometrical and arithmetical ratios of these increases to which Malthus like earlier writers seems to have attached considerable importance as well as his other attempts at mathematical precision are nothing but faulty expressions of this view which can be passed by here with the remark that there is of course no point whatever in trying to formulate independent laws for the behavior of two interdependent quantities. The performance as a whole is deplorable in technique and little short of foolish in substance. But it is at least not open to the criticism that Malthus merely asserted the horrible triviality that if increase in population should go on in a geometric ratio with a common ratio greater than unity it must at some time in the future produce a state of things in which people will be crowding this earth as herrings crowd a barrel. The second edition of the Essay on the Principle of Population 1803 is a completely new work which besides copious statistics contains an entirely different For the introduction of the prudential check moral restraint though it was no more a new discovery than was anything else in Malthus theory makes all the difference. Only it does not 1 raise the intellectual level of the performance or 2 make its results any more .

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