Quotes from work
Principles of Political Economy

Principles of Political Economy

Thomas Robert Malthus

Principles of Political Economy Considered with a View to their Applications, simply referred to as Principles of Political Economy, was written by nineteenth century British political economist Thomas Malthus in 1820. Malthus wrote Principles of Political Economy as a rebuttal to David Ricardo's On the Principles of Political Economy and Taxation. While the main focus of their work is to explain economic depressions in Europe and the reasons why they occur, Malthus uses his scholarship to explore price determination and the value of goods.

“Every exchange which takes place in a country, effects a distribution of its produce better adapted to the wants of society….”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On the Progress of Wealth, Section VIII, p. 382-383
Principles of Political Economy (Second Edition 1836)
Context: Every exchange which takes place in a country, effects a distribution of its produce better adapted to the wants of society....
If two districts, one of which possessed a rich copper mine, and the other a rich tin mine, had always been separated by an impassable river or mountain, there can be no doubt that an opening of a communication, a greater demand would take place, and a greater price be given for both the tin and the copper; and this greater price of both metals, though it might be only temporary, would alone go a great way towards furnishing the additional capital wanted to supply the additional demand; and the capitals of both districts, and the products of both mines, would be increased both in quantity and value to a degree which could not have taken place without the this new distribution of the produce, or some equivalent to it.

“There must therefore be a considerable class of persons who have both the will and power to consume more material wealth then they produce, or the mercantile classes could not continue profitably to produce so much more than they consume.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On the Progress of Wealth, Section IX, p. 400 (See also: David Ricardo and aggregate demand)
Principles of Political Economy (Second Edition 1836)
Context: But such consumption is not consistent with the actual habits of the generality of capitalists. The great object of their lives is to save a fortune, both because it is their duty to make a provision for their families, and because they cannot spend an income with so much comfort to themselves, while they are obliged perhaps to attend a counting house for seven or eight hours a day...
... There must therefore be a considerable class of persons who have both the will and power to consume more material wealth then they produce, or the mercantile classes could not continue profitably to produce so much more than they consume.

“To estimate the value of Newton's discoveries, or the delight communicated by Shakespeare and Milton, by the price at which their works have sold, would be but a poor measure of the degree in which they have elevated and enchanted their country; nor would it be less grovelling and incongruous to estimate the benefit which the country has derived from the Revolution of 1688, by the pay of the soldiers, and all other payments concerned in effecting it.”

Thomas Robert Malthus Principles of Political Economy

Book I, Chapter I, Of The Definitions of Wealth and of Productive Labour, Section II, p. 49
Principles of Political Economy (Second Edition 1836)

“It is also very important to observe, that menial servants are absolutely necessary to make the resources of the higher and middle classes of society efficient in the demand for material products.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On the Progress of Wealth, Section IX, p. 408
Principles of Political Economy (Second Edition 1836)

“When Hume and Adam Smith prophesied that a little increase of national debt beyond the then amount of it, would probably occasion bankruptcy; the main cause of their error was the natural one, of not being able to see the vast increase of productive power to which the nation would subsequently obtain.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On The Progress of Wealth, Section X, p. 422
Principles of Political Economy (Second Edition 1836)

“In general it may be said that demand is quite as necessary to the increase of capital as the increase of capital is to demand.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On the Progress of Wealth, Section IV, p. 349 ( See also; Says Law)
Principles of Political Economy (Second Edition 1836)

“It is quite obvious therefore, that the knowledge and prudence of the poor themselves, are absolutely the only means by which any general and permanent improvement in their condition can be effected. They are really the arbiters of their own destiny; and what others can do for themselves. These truths are so important to the happiness of the great mass of society, that every opportunity should be taken of repeating them.”

Thomas Robert Malthus Principles of Political Economy

Book I, Chapter V, Of the Profits of Capital, Section III, p. 279
Principles of Political Economy (Second Edition 1836)

“Not many years had elapsed after the first edition of this work, when it became known to all with whom Mr. Malthus had the opportunity of communicating on the subject, or who were acquainted with his last publications, that his opinions on the subject of value had undergone some change.”

Thomas Robert Malthus Principles of Political Economy

Advertisement to the Second Edition, p. vii
Principles of Political Economy (Second Edition 1836)

“To minds of a certain cast there is nothing so captivating as simplification and generalization.”

Thomas Robert Malthus Principles of Political Economy

Book I, Introduction, p. 5
Principles of Political Economy (Second Edition 1836)

“It has been said, and perhaps with truth, that the conclusions of Political Economy partake more of the certainty of the stricter sciences than those of most of the other branches of human knowledge.”

Thomas Robert Malthus Principles of Political Economy

Book I, Introduction, p. 1
Principles of Political Economy (Second Edition 1836)

“It is a mere futile process to exchange one set of commodities for another, if the parties; after this new distribution of goods has taken place, are not better off than they were before.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On the Progress of Wealth, Section VIII, p. 384
Principles of Political Economy (Second Edition 1836)

“The science of political economy is essentially practical, and applicable to the common business of human life. There are few branches of human knowledge where false views may do more harm, or just views more good.”

Thomas Robert Malthus Principles of Political Economy

Book I, Introduction, p. 9
Principles of Political Economy (Second Edition 1836)

“The proposition of Mr. Ricardo, which states that a rise in the price of labour lowers the price of a large class of commodities, has undoubtedly a very paradoxical air; but it is, nevertheless, true, and the appearance of paradox would vanish, if it were stated more naturally and correctly.”

Thomas Robert Malthus Principles of Political Economy

Book I, Chapter II, On the Nature, Causes, and Measures of Value, Section IV, p. 88
Principles of Political Economy (Second Edition 1836)

“…where are we to look for the consumption required but among the unproductive labourers of Adam Smith?…”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On the Progress of Wealth, Section IX, p. 406
Principles of Political Economy (Second Edition 1836)

“If a country can only be rich by running a successful race for low wages, I should be disposed to say at once, perish such riches!”

Thomas Robert Malthus Principles of Political Economy

Book I, Chapter III, Of the Rent of Land, Section IX, p. 214
Principles of Political Economy (Second Edition 1836)

“THERE is scarcely any inquiry more curious, or, from its importance, more worthy of attention, than that which traces the causes which practically check the progress of wealth in different countries, and stop it, or make it proceed very slowly, while the power of production remains comparatively undiminished, or at least would furnish the means of a great and abundant increase of produce and population.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On the Progress of Wealth, Section I, p. 309
Principles of Political Economy (Second Edition 1836)

“On the whole it may be observed, that the specific use of a body of unproductive consumers, is to give encouragement to wealth by maintaining such a balance between produce and consumption as will give the greatest exchangeable value to the results of the national industry.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On The Progress of Wealth, Section IX, p. 412-413
Principles of Political Economy (Second Edition 1836)

“The question is, what is saving?”

Thomas Robert Malthus Principles of Political Economy

Book I, Chapter I, Of The Definitions of Wealth and of Productive Labour, Section II, p. 40
Principles of Political Economy (Second Edition 1836)

“In prosperous times the mercantile classes often realize fortunes, which go far towards securing them against the future; but unfortunately the working classes, though they share in the general prosperity, do not share in it so largely as in the general adversity.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On The Progress of Wealth, Section X, p. 437
Principles of Political Economy (Second Edition 1836)

“The employment of the poor in roads and public works, and a tendency among landlords and persons of property to build, to improve and beautify their grounds, and to employ workmen and menial servants, are the means most within our power and most directly calculated to remedy the evils arising from that disturbance in the balance of produce and consumption.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On The Progress of Wealth, Section X, p. 430
Principles of Political Economy (Second Edition 1836)

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