(Business Week) -- Is the ghost of Thomas Robert Malthus stalking the global economy? Sad to say, it sure seems like it.
Malthus was a key figure in the 18th and early 19th century in developing modern mainstream economics. (And Darwin hit on the idea of natural selection after reading Malthus' Essay on Population.) But Malthus is best remembered for his grim argument that there is a tendency from "the wretched inhabitants of Tierra del Fuego" to "the beggars of Teshoo Loomboo" for population growth to outstrip resources.
The grim dynamic runs along these lines: Growing incomes lead to increased fertility and reduced mortality. That means there are more mouths to feed on the same land. Growth and income fall. The process repeats itself, over and over again. Little wonder the Victorian historian Thomas Carlyle described Malthus as "Dreary, stolid, dismal, without hope for this world or the next."
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