Problem

1. Explain Thomas Robert Malthus's theory of population. Why did he think it was an appropriate rebuttal to the revolutionary and egalitarian proposals of William Godwin? How was this theory used by the Classical Political Economists to explain the wages of labor? Elaborate.

2. Explain David Ricardo's theory of income distribution and economic growth. How and why did economic growth, in the absence of imemational trade, lead to changing shares of wages, rent and profit? How would these shares change? Why? What would happen to the economy, in the long run, according to this theory? Elaborate.

3. Explain David Ricardo's labor theory of value. Why did he think this was an improvement over Adam Smith's contradictory comments on the theory of value? What were Smith's ideas on the theory of value? Elaborate.