Comparison of Adam Smiths Wealth of Nations and Thomas Malthus Essay on Population

During the similar period, Reverend Thomas Malthus, published another thesis titled as ‘An essay on the principles of population’ criticising the&nbsp.views of the Utopians who believed the fact that life of the human being will enhance on earth and likewise contributing to the conceptualisation of classical economics (Malthus, 1798).
Although the ideologies presented by both the authors tend to focus on the implications of classical theory, there are certain differences that can be observed in terms of the ideologies presented through these publications related with human nature as well as freedom and morality. Focusing on these aspects, the objective of the discussion henceforth is intended to compare and contrast the views presented by Adam Smith and by Thomas Malthus through their publications respectively.
It can be observed that the early classical economists, such as Adam Smith as well as Thomas Malthus stated the fact that business cycles function because of alterations in population in reaction to the availability of the resources, capability of the capitalists to exploit the labour, socio-psychological mass associations, unanticipated business inventories as well as public confidence (Malthus, 1798).
Adam Smith was of the opinion that the number of the labours within an economy is directly proportional to the wealth of the nation. Moving in-depth towards human contribution for economic wealth creation, he further assumed the fact that human beings can be motivated emphasising on their self-interest treating it to be the most powerful motive in human behaviour’ (Coase, 2010). While, on the other hand, it was opined by Malthus that increase in labour would restrain the resources within an economy acclaiming a diverse relationship with the aspect of economic wealth creation (Malthus, 1798). However, with regards to the explanation of Malthus, a contradictory view can be obtained with reference to the statement of Adam Smith, where he narrates that capital can be stimulated by frugality and every frugal man is a public benefactor (Smith, 1776).&nbsp.