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Lecture 2 - Thomas Malthus and Inevitable Poverty

Lecture 2 - Thomas Malthus and Inevitable Poverty

This video was recorded at PLSC 270 - Capitalism: Success, Crisis and Reform. Professor Rae shows how countries over the last two centuries have experienced improved life expectancies and increased incomes per capita. Dynamic graphical representation of this trend reveals how improved life expectancies tend to predate increases in wealth. Malthus' "iron law of wages" and diminishing returns are explained. Questions about why the industrial revolution occurred in England at the time that it did are then posed. Professor Rae then shows the importance of the "world demographic transition" to economic history and contemporary economics. All countries tend to follow similar demographic patterns over the course of their economic development. Countries tend to have high birth and death rates in... Show More
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