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Principles of Political Economy

Principles of Political Economy

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.


Thomas Robert Malthus photo

„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.

Thomas Robert Malthus photo

„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.

Thomas Robert Malthus photo
Thomas Robert Malthus photo
Thomas Robert Malthus photo
Thomas Robert Malthus photo

„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)

Thomas Robert Malthus photo
Thomas Robert Malthus photo
Thomas Robert Malthus photo
Thomas Robert Malthus photo

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Thomas Robert Malthus photo
Thomas Robert Malthus photo
Thomas Robert Malthus photo
Thomas Robert Malthus photo

„…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)

Thomas Robert Malthus photo
Thomas Robert Malthus photo
Thomas Robert Malthus photo
Thomas Robert Malthus photo

„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)

Thomas Robert Malthus photo
Thomas Robert Malthus photo

„Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Etiam egestas wisi a erat. Morbi imperdiet, mauris ac auctor dictum.“

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