Smith & Ricardo vs. Malthus, Bentham, Senior, J.S. Mill and Say Essay

metalworker & Ricardo vs. Malthus, Bentham, Senior, J.S. Mill and Say - Essay ExampleIt leads to gaind productivity and consequently greater output, high wages and income per capita thus opulence of nations (Ekelund & Hebert 129). Natural harmony exists in prudence due to the mechanism of the invisible hand which drives individuals self-interests to promote greater good hence there is no need for government intervention. Competition in the market is vital and money is just for making flip more flexible.David Ricardo (1772-1823) in his Principles of political economy and taxation (1817) was concerned with distribution of wealth within Smiths analytical framework. Like Smith he advocated for competition without restraint. He also acknowledged populace of use think of and exchange value but concentrated on the natural exchange value which is determined by scarcity and labor live of production (Bhatia, 116). Since rent is not part of the cost (its value in excess of real productio n) and capital is past labor, this leaves labor cost to determine congener value of commodities (Ekelund & Hebert 156). However, different types of labor are adjusted in market by relative evaluate of rewards and wages gravitate towards subsistence. If more than subsistence then population (labor supply) increases depressing wages and vice versa (p. 120).Thomas Robert Malthus (1766-1834) strain was on population. Unlike Ricardo, he saw an imbalance between population and means of subsistence hence powerless demand. For Malthus population increased in geometrical progression while means of subsistence increased in arithmetical progression hence population was bound to outstrip supply of means of subsistence if not checked (Bhatia 135). state growth thus needed to be checked through preventive and positive checks such as delayed marriage, celibacy, moral restraint, floods, droughts, famine, disease and war. For Smith and Ricardo, demand for labor determined rate of population inc rease and was always kept