The “Institutional” Approach
Finally, the third approach is the one we decided to call “institutional”. According to those who adhere to this view, the disproportion between population and resources does not derive either from natural laws or from the behaviour of workers.
Each relationship between population and resources is mediated by the institutions in which it operates. The capitalist institutions, in other words, generate a relative surplus between population and available resources.In the first half of the nineteenth century the debates over Malthus’s principle were carried on in various contexts and were not limited to the strictly economic, demographic and statistical sphere of study. The economists, too, took part in the debate and were not insensitive to non-economic doctrines commonly held in the nineteenth century, such as, for example, the biological approach of Herbert Spencer (Spencer 1852). We have therefore tried to choose those contributions from the vast literature of the period that opposed Malthus’s principle mainly on grounds of economic analysis, and above all were intent on confuting the theoretical and practical implications developed by classical economists, starting from an institutional approach.
In this heterogeneous group of critics of the “principle of population”, we analyse the positions of Jean-Charles Leonard Simonde de Sismondi, the group of “Ricardian socialists” and Karl Marx.
More on the topic The “Institutional” Approach:
- Conclusion
- Mitchell’s great contributions to economics lie in his pioneering work on business cycles, his broad promotion of empirical work in economics, his role in the development of research organizations, and in the students he inspired.
- The Kirznerian-Ethnic-Entrepreneurship Model: A Double Arbitrageur
- Economy and society: a coherent theoretical approach
- Postscript to Neo-Classical Economics
- One definition of economics ties it to the market. In so doing, it makes the notions of property rights definitive of economic action.
- Against and beyond Structural Adjustment
- Outstanding Issues in Nonmarket Entrepreneurship Research
- A PLANETARY PRISONER’S DILEMMA: GAME THEORY MEETS GLObAL WARMING
- The quantity theory of money