Question

What is Malthus’ theory of economic growth (or lack of growth)? Has it ever been valid?

Answer 1

Malthus theory of economic growth says if the population is left unchecked it will outgrow the resources because the population grows at a geometrical ratio (2,4,8, 16 and like that) and the resource grows at an arithmetical ratio (2, 4, 6, 8 etc). So, unless there are important checks we will lack necessary resources to sustain our population.

He advised that labors should be paid at the subsistence level or population will increase.

No, the Malthus growth theory is never been valid because it missed one of the most crucial factors for production that is technology. After Malthus gave this theory the world population has almost increased three times and so has the resources to support the population.