The Principles of Political Economy

Up to now, Malthus's books and articles have been considered roughly in chronological order, but with the publication in 1815 of his Inquiry into the Nature and Progress of Rent this method is no longer appropriate. Here we come to what Brougham called ‘the pure metaphysics of political economy’, ¹ and it seems best to give a simplified account, in one chapter, of the interrelated theoretical discussions which occupied more than a decade. This involves quoting from both the first edition of Malthus's Principles of Political Economy, published in 1820, and the second edition of 1836; this posthumous edition was constantly worked over by Malthus himself, and possibly even more by the anonymous Editor, Le Bas’ ‘mercantile friend’ John Cazenove (who became Malthus's friend too), so that one cannot be certain whose views are represented. The controversies between Malthus and Ricardo about land, labour and capital can appear slightly unreal to modern readers, but they were to have dramatic and concrete results, the outcome of long hours spent in what was then the Reading Room of the British Museum by the refugee Karl Marx, who lived in London from 1849 until his death in 1883.