Smith & Ricardo vs. Malthus, Bentham, Senior, J.S. Mill and Say Essay - 2

Smith & Ricardo vs. Malthus, Bentham, Senior, J.S. Mill and Say - Essay Example Both theories assumed that there was full employment in a country (Smith, 35). Malthus has vehemently opposed Ricardo’s doctrine on political economics stating that it was impossible for effective demand to incur a deficiency. However, Malthus did not quantify his argument by explaining how effective demand could be in excess or deficient. This aspect of invalid quantification of the argument resulted in anonymous adherence to Ricardo’s doctrine by statesmen, city, and the academic world. The effective demand which was an idea that Malthus tried to nature, vanished into thin air since its discussion ceased and it was also ceased to exist in the city’s literature (Malthus, 10). Jeremy Bentham became the leading theorist in Anglo-American in the field of philosophy of law. James Mill was Benthans student and collaborator. He held an absolutely different opinion on the monetary economy in comparison to Ricardo’s ideas. He was absolutely aware of the relevance of saving that is forcefully imposed on consumer prosperity, saving and investment relationship. The monetary view was based on the fundamental concepts employed in his theory of utilitarian decision making. His work is valued and considered as a leeway to modern economics. The utilitarian concept stated that nature has placed human beings under the sovereign governance of either pain or pleasure and on the other hand the measure of wrong and right. These factors in their entirety govern mankind in whatever he thinks, says or does (Bentham, 21).