The law of diminishing marginal returns in The Malthusian Hypothesis means that the productivity of additional workers falls as the population increases. The cycle of technology improvements leading to increases in productivity which yield greater food supply ultimately results in the same level of subsistence living for agricultural workers as existed before the technology improvement.

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The Malthusian Hypothesis posits that technological advancements initially increase productivity and food supply, but as the population grows due to the increased food supply, the benefits per capita diminish due to the law of diminishing marginal returns. This cycle leads back to subsistence-level conditions for the average person, despite technological improvements.

The Law of Diminishing Marginal Returns in the Malthusian Hypothesis