Early 19^th century economists like Thomas Malthus and John Stuart Mill claimed that:

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Thomas Malthus and John Stuart Mill believed in the idea of diminishing returns, where as more resources are used, the benefits gained become smaller and smaller. They argued that any increase in real per capita income would eventually be offset by population growth, leading to a new equilibrium of low per capita income. This became known as the “Malthusian trap”.

Early 19th Century Economists Like Thomas Malthus and John Stuart

Early 19^th Century Economists Like Thomas Malthus and John Stuart