Marshall on the population question. I

Summary

English economic thought was dominated for close to a half century by the system of economic analysis developed by Alfred Marshall (1842–1924) whose views relating to population are examined. The demographic and economic changes taking place within Marshall's lifetime are briefly summarised in the Introduction. There follows in Part I a review of the opinions of Marshall's predecessors and contemporaries respecting both the behaviour of the laws of returns, technical progress, etc., and the circumstances on which population growth had depended or was likely to depend. The optimum is included among the concepts here treated. Reactions to the late nineteenth-century decline in natality are noted. In Part II Marshall's treatment of the laws of returns and of capital formation, together with their significance for the population question, is examined. His treatment of technological and organisational change and of international trade as counterbalances to population growth is considered. His failure to make use of the optimum concept is remarked as is the theory of economic growth that appears to underly his analysis of demographic development.