Ideologies in Adam Smith's Wealth of Nations and Thomas Malthus' Essay Term Paper

Ideologies in tour metalworkers wealth of Nations and Thomas Malthus raise on Population - Term Paper ExampleAlthough the ideologies presented by both the authors slope to focus on the implications of the classical theory, there are certain differences that sight be observed in terms of the ideologies presented through these publications related with human nature as well as freedom and morality. guidance on these aspects, the objective of the discussion henceforth is intended to compare and contrast the views presented by Adam Smith and by Thomas Malthus through their publications respectively. Adam Smiths Wealth of Nations and Thomas Malthuss Essay on Population It pot be observed that the early classical economists, such as Adam Smith as well as Thomas Malthus stated the fact that business cycles function because of alterations in population in reaction to the availability of the resources, capability of the capitalists to exploit the labor, socio-psychological mass associati ons, unanticipated business inventories as well as public confidence (Malthus, 1798). Ideology for human nature Adam Smith was of the mentation that the number of the labors within an economy is directly proportional to the wealth of the nation. Moving in-depth towards human contribution for economical wealth creation, he further assumed the fact that human beings can be motivated express on their self-interest treating it to be the most powerful motive in human behavior (Coase, 2010). While, on the other hand, it was opined by Malthus that increase in labor would restrain the resources within an economy acclaiming a divers(prenominal) relation with the aspect of economic wealth creation (Malthus, 1798). However, with regards to the explanation of Malthus, a contradictory view can be obtained with reference to the statement of Adam Smith, where he nar come outs that capital can be stimulated by frugality and every frugal man is a public benefactor (Smith, 1776). In his words, Th is frugality and reliable conduct, however, is, upon most occasions, it appears from experience, sufficient to compensate, not only the private prodigality and misconduct of individuals but the public ardor of government (pp. 280). As per the views of Malthus (1798), the economic condition of the person is likely to worsen with the pace of time majorly because of innovations qualification difficult to maintain a pace with the needs of the human population. Furthermore, it was observed by the author that the localize of population growth generally can be observed at a geometric rate unlike the growth of food production which can be examined at an arithmetic rate. Thomas Malthus was withal of the opinion that capitalism generally leads to a disparity in the distribution of income apparently contradicting that frugality can be of great significance to overall economic growth (University of California Museum of Palaeontology, 2012). However, it needs to be mentioned in this regards that Adam Smith also did not render much significance to the aspect of frugality in human nature explaining a moderate inclusion of the aspect in the economic growth work on (Smith, 1776).