Consumption patterns, development and growth: Adam Smith, David Ricardo and Thomas Robert Malthus
AbstractIn this paper we combine the classical analysis of luxury consumption with the classical theories of development and growth. We also focus on the role played, within classical economics, by institutional factors such as the structure of property rights and contractual arrangements in determining consumption patterns and investment in agriculture. In particular, we show that Ricardo's and Malthus' different views on the role of consumption expenditure in promoting growth depend on Ricardo's acceptance (Malthus' refusal) of Say's law of markets and on Ricardo's exclusion (Malthus' inclusion) of a non-commodity option such as leisure from (in) the range of available consumption alternatives.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.
Volume (Year): 10 (2003)
Issue (Month): 1 ()
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- Drakopoulos, Stavros A. & Karayiannis, Anastassios, 2006. "The Conceptual Roots of Work Effort in Pre-classical and Classical Economic Thought," MPRA Paper 14050, University Library of Munich, Germany.
- Mauro Boianovsky, 2011. "Humboldt And The Classical Economists Onnatural Resources, Institutions And Underdevelopment," Anais do XXXVIII Encontro Nacional de Economia [Proceedings of the 38th Brazilian Economics Meeting] 116, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
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