ABSTRACT
This chapter describes that the biggest change made in economic theory during the last hundred years is to be found in the treatment of the subject of Population. The old economists thought of hedges and ditches, drains, and a few other trifles of that kind which would enable corn to be more easily produced from European fields. The approach of reduction in the rate of growth of population began to show itself in England in the second half of the 1871-80 decade, when the annual number of births became nearly stationary after the rapid increase recorded down to 1876. A rapidly increasing population requires a rapidly increasing number of tools, machines, ships, houses, and other articles of material equipment in order merely to maintain without improving its economic condition. The disappearance from economic theory of the picture of the vampire landlord taking an ever-increasing proportion of the whole produce of industry leaves the theoretic arena.
