can somebody help to summarize this or put it in my own words.
Malthus's own criticism of Ricardo's 1815 essay led them into a debate on the question of "value". Malthus supported Smith's old "labor-commanded" theory of value, whereas Ricardo favored the "labor-embodied" version. The outcome of the discussion was Ricardo's Principles in 1817, which set down the doctrine of the Classical School on value, distribution and production, incorporating at least two of Malthus's own contributions: the "natural wage" version of Malthus's population theory and an expanded version of Malthus's theory of rent.
Malthus was never comfortable as a member of the Classical school. Nowhere is this more evident than in Malthus's own treatise, Principles of Economics (1820). He differs from the Classical Ricardians at several points. For instance, Malthus introduced the idea of a demand schedule in the modern sense, i.e. as the conceptual relationship between prices and the quantity sought by buyers rather than the empirical relationship between prices and quantities sold. He also paid much attention to the short-run stability of prices. insisting on a labor-commanded theory of value and,
Thirdly, and most famously, Malthus denied the validity of Say's Law and argued that there could be a "general glut" of goods. Malthus believed that economic crises were characterized by a general excess supply caused by insufficient consumption. His defense of the Corn Laws rested partly on the need for landlord consumption to "make up" for shortfalls in demand and thus avert crisis. See our more extensive discussion of the General Glut Controversy.
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I agree with Rachel. Leave yahoo answers for people who are willing to learn about something, not lazy people who do not want to do their homework.
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- It won't be in your own words if somebody does it for you. Is it really that hard to summarize a paragraph?0% 0 Votes
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