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Malthus on Gluts

Published online by Cambridge University Press:  11 June 2009

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Abstract

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Type
George Stigler
Information
Journal of the History of Economic Thought , Volume 1 , Issue 3 , Winter 1980 , pp. 9 - 11
Copyright
Copyright © Cambridge University Press 1980

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References

1 “Sraffa's Ricardo,” American Economic Review, September 1953.Google Scholar

2Principles of Political Economy (London, Murray, 1820), pp. 569, 352–53.Google Scholar

3 It is generally denied, ibid., p. 357.

4 Ibid., p. 359.

5 Malthus asserts that “the conversion of revenue into capital pushed beyond a certain point must, by diminishing the effective demand for produce, throw the laboring classes out of employment …” (ibid., p. 369). It is not possible, on the foregoing theory, to produce unemployment by excessive savings.