Answered: b) Discuss the key features of the…

b) Discuss the key features of the pre-industrial world that made the economy "“Malthusian," in particular explain which features are critical to explaining the Malthusian poverty trap?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter15: Poverty And Economic Inequality

Section: Chapter Questions

Problem 12SCQ: Which set of policies is more likely to cause a tradeoff between economic output and equality:...

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.

Question

b) Discuss the key features of the pre-industrial world that made
the economy "Malthusian," in particular explain which features
are critical to explaining the Malthusian poverty trap?

Expert Solution

Introduction

Malthus wrote about the poverty and underdevelopment of underdeveloped countries in his Principles of Political Economy. He wrote about the economic backwardness of countries like Spain, Portugal, Hungary, Turkey, Ireland, and nearly the whole of Asia, Africa, and Latin American countries. Because of which his theory of economic development has more relevance to underdeveloped countries of pre-industrial than the theories of other classical economists.

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