The Escape from Malthusianism
Nassau Senior, the economist who expressed disappointment that the Irish famine's death toll would barely make a significant impact, may seem unsympathetic. However, he and Malthus were correct in assuming that population growth and a decreasing average labor product could result in a self-perpetuating cycle of economic stagnation and poverty. Nevertheless, the hockey-stick charts of living standards demonstrate that they were mistaken in believing this situation could never be altered.
They failed to contemplate the possibility that technological advancements could outpace population growth, counterbalancing the reduction in the average labor product.
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