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Consumption patterns, development and growth: Adam Smith, David Ricardo and Thomas Robert Malthus

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  • Davide Fiaschi
  • Rodolfo Signorino

Abstract

In this paper we combine the classical analysis of luxury consumption with the classical theories of development and growth. We also focus on the role played, within classical economics, by institutional factors such as the structure of property rights and contractual arrangements in determining consumption patterns and investment in agriculture. In particular, we show that Ricardo's and Malthus' different views on the role of consumption expenditure in promoting growth depend on Ricardo's acceptance (Malthus' refusal) of Say's law of markets and on Ricardo's exclusion (Malthus' inclusion) of a non-commodity option such as leisure from (in) the range of available consumption alternatives.

Suggested Citation

  • Davide Fiaschi & Rodolfo Signorino, 2003. "Consumption patterns, development and growth: Adam Smith, David Ricardo and Thomas Robert Malthus," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(1), pages 5-24.
    • Handle: RePEc:taf:eujhet:v:10:y:2003:i:1:p:5-24
    DOI: 10.1080/0967256032000043779
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    References listed on IDEAS

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    1. Walter Eltis, 2000. "The Classical Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-0-230-59820-1, March.
    2. Walter Eltis, 2000. "The Classical Theory of Economic Growth," Palgrave Macmillan Books, in: The Classical Theory of Economic Growth, edition 0, chapter 9, pages 310-338, Palgrave Macmillan.
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    Cited by:

    1. Drakopoulos, Stavros A. & Karayiannis, Anastassios, 2007. "The Paradox of Happiness: Evidence from the Late Pre-Classical and Classical Economic Thought," MPRA Paper 71657, University Library of Munich, Germany.
    2. Drakopoulos, Stavros A. & Karayiannis, Anastassios, 2006. "The Conceptual Roots of Work Effort in Pre-classical and Classical Economic Thought," MPRA Paper 14050, University Library of Munich, Germany.
    3. Madsen, Jakob & Strulik, Holger, 2024. "Inequality and the Industrial Revolution," European Economic Review, Elsevier, vol. 164(C).
    4. Mauro Boianovsky, 2011. "Humboldt And The Classical Economists Onnatural Resources, Institutions And Underdevelopment," Anais do XXXVIII Encontro Nacional de Economia [Proceedings of the 38th Brazilian Economics Meeting] 116, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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