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History of Economic Thought

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But the theory has not been spared from criticism. Oumar Bouare states that the market price of a commodity does not converge toward its natural price. (Then) the outcome of complete specialization in Ricardos framework locks third world and developing countries out of industrialization; and free trade could destroy the industrial base of a country, which in the long run could generate more wealth for the country than an imported product. This might also lock the country out of industrialization.[14]


(b) In 1848, utilitarian economist John Stuart Mill wrote the Principles of Political Economy, book which was intended as a remembrance and enlargement of the concepts promoted by David Ricardo, especially in the field of international trade. This book then became the basis of Mills future work, in which he addressed the influences of societal progress and of government on economic activity (and vice versa)[15]





6. Thomas Malthus


(a) In The Principle of Population, English economist Thomas Robert Malthus blamed the worlds misery on the extensive reproduction of mankind. His concepts were based on the ideas that in nature plants and animals produce far more offspring than can survive, and that Man too is capable of overproducing if left