Answer to Question #170819 in Economics for john

Question

How do Adam Smith, Thomas Malthus and David Ricardo differ from each other in terms of predictions for economic progress and stagnation?

Answer 1

Analysis of the process of economic growth was a central focus of English classical economists, most notably Adam Smith, Thomas Malthus, and David Ricardo. Accordingly, it was felt

that the purpose of analysis was to identify the forces in society that promoted or

hindered this development, and hence progress, and consequently to provide a basis for

policy and action to influence those forces. Ricardo’s campaign against the Corn Laws

must obviously be seen in this light, as also Malthus’s concern with the problem of

population growth and Smith’s attacks against the monopoly privileges associated with

mercantilism.