Sunday, October 1, 2023

Article 09

Reimagining the Narrative: 

Critiques and Revisions.

"Each pursues his own theory, little solicitous to correct or 
improve it by an attention to what is advanced by his opponents."

The Malthusian theory, developed by Thomas Robert Malthus in the late 18th century, has been a subject of extensive critique and revision over the years. While the theory has some important insights, it has also faced several valid criticisms and modifications. Here are some key critiques and revisions of the Malthusian theory:

Malthusian Population Theory

Thomas Malthus developed his population theory; when Western Europe was experiencing a rapid increase in population. Simultaneously, advancements in technology were driving substantial growth in food production. Often, food production outpaced population growth. Malthus’s theory attributed the limited food supply in part to the scarcity of land. However, globalisation has led to increased food supply in various countries. It’s important to note that Malthus did not provide precise estimations for the geometric and arithmetic growth of the population. Critics have argued that observed population growth rates do not consistently align with Malthus’s theory. These circumstances framed the backdrop for Malthus’s exploration of population dynamics in his era. The Neo-Malthusian perspective emerged as a revision, retaining the core concept of population-resource imbalance while adding elements like contraception and family planning to curb overpopulation. It emphasised environmental impacts and gained prominence in the mid-20th century.

Subsistence Wage Theory

The subsistence wage theory is criticised for several reasons. It is considered unrealistic because it assumes that labour supply increases with higher wages, which is not always the case. The theory is one-sided, focusing on supply and neglecting demand’s importance in wage determination. It only applies to the long run, not explaining wages in the short term. The role of labour unions in influencing wages is disregarded. It’s criticized for exploiting labour by paying just subsistence wages and ignoring labour welfare. The theory also overlooks the potential for improved wages through increased labour efficiency and doesn’t account for wage differences based on various factors.

Market Glut Theory

Malthusian theory of market glut, suggesting that excess supply over demand could lead to unemployment, had its critics and revisions. It relied on the land-owning class’s spending to prevent gluts, mainly through tariffs on cheap corn to boost landlords’ incomes. Critics questioned its theoretical soundness, and some economists still dispute its real-world validity. Elements of this theory resurfaced in Keynesian economics, emphasizing the role of tariffs under fixed exchange rates. Revisions are ongoing as economists debate the practical application of Malthus's ideas.

In summary, while the Malthusian theory made significant contributions to our understanding of population dynamics, it has been criticized and revised to reflect the complex interplay of factors, including technology, culture, resources, and the environment. Modern population studies incorporate a more nuanced and comprehensive approach to account for these variables and their impact on population growth and well-being.

Written by : WRC Sewuwandi & WDP Peiris

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