Tuesday, February 8, 2011
How the Dismal Science Got Its Name p.49-50
In this section, the author sets the stage in which both T.R. Malthus and David Ricardo entered into the economic arena. A few of the key events that changed the world from a positive economic outlook (Adam Smith) to the dismal world of Malthus and Ricardo are mentioned. First there was the French revolution starting from the fall of the Bastille to the wars of Napoleon. Second was the population boom in England from 1780-1800. A key point to be made about this population explosion is "...1815, nearly half of all those living in England and Europe had never known peace, and most had known famine and disease." (p.50) In the midst of this negativity, a few outlooks remained positive (see Marquis de Condorcet). However, due to war and tragedy, the popular opinion was one of negativity; it is to this negative environment that Malthus and Ricardo lived and published.
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A for Basil; very tempted to mark it down to a B for using "to" instead of "into" in the last sentence.
ReplyDeleteBut ... the summary is a very good one. I do think Warsh overstates it a bit here - at least in England there wasn't famine at this time. There certainly was on the continent though ... another case of central planning, overt control, price regulation and trade restrictions making everyone worse off.