Topic: Thomas Robert Malthus- Economic Theories
He was a british scholar in the late 17/early 18 century. Has been credited with the economic idea of diminishing returns and many other terms/ideas we use today in economics. Some considered his theories to be very gloomy, he basically predicted a world filled with famine and disease. His idea in a nutshell was that population increase can be modeled by a geometric ratio(2,4,6,12,24,48...) while food/agricultural production increase can be modeled by a arithmetical ration(1,2,3,4,5,6,7...).
He basically believed that population must be controlled to prevent famine, disease and a doomsday.
This is the VERY VERY VERY short summary of what he believed in. He has a couple more theories, this was the jist of it. You guys can read up a bit about him on his wiki page http://en.wikipedia.org/wiki/Thomas_Robert_Malthus
for background info.
Do you guys agree with him? Why? Or why not?
Do you think he's a whack job? ![]()
Any opinions, comments. Let's hear em.