How were Smith, Ricardo, Malthus and Marx, in their own ways, pessimistic about long-term development?
What will be an ideal response?
Smith suggested a slowing of growth as a nation became rich. Ricardo emphasized diminishing returns to land. Malthus forecast inequality and rapid population growth, leading possibly to war and famine. Marx thought the conflicting interests of labor and capital would bring an end to capitalist growth, although he imagined that a post-capitalist society could develop in different ways.
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Which of the following would not be included in government purchases?
a. The purchase of a computer by a government agency b. Welfare payments c. Wages of government employees d. The purchase of a police car e. Spending on a new missile program
Raising the required reserve ratio __________ the simple deposit multiplier which will __________ the economy's money supply
A) raises; increase B) raises; decrease C) lowers; increase D) lowers; decrease