Ecn 101 - April 17

Dinner at Culper's
- Chain restaurant in the Upper Midwest known for frozen custard.
- Described as having good quality, likened to a "concrete mixer."

Hotel Experience
- Only hotel with an indoor pool encountered.
- Pool had water slides and various amenities.

Journey Overview
- Departure on Saturday to Moose Jaw, Saskatchewan; overnight stay.
- Continued trip to Calgary on Sunday.

Experience Comparison
- Grew up in West Texas; 12-hour drive to visit grandparents who lived north of Amarillo.
- Noted ongoing comparison to winter journeys in Fargo.
Highway 1 - Saskatchewan
  - Described as a long and flat route, similar in features to Texas highways.
  - Characterized by limited landmarks; only grain elevators and hay rolls visible.
  - Introduced metaphor regarding extreme flatness: “On a clear day…you can see the back of your own head.”

Travel Scenario
- Encountered 93 degrees Fahrenheit with 97% humidity, described as akin to driving in a “mobile sauna.”

Geographical Contrast
- Low precipitation compared to regions with more vibrant landscapes.
- Notable seasonal challenges, particularly in winter, making travel difficult.
Cultural Reference
- Mentioned having friends tied to local historical events (e.g., delays due to frozen ground at burial time).

Introduction to Malthus
- Identified as an optimist compared to others, particularly Godwin.
- Authored "An Essay on the Principle of Population" in 1798.
Core Arguments
  - Malthus’ criticism of Godwin's theories regarding social improvement: argues many societal issues will lead to disaster.
  - Utilized population data from decennial censuses in the United States for analytical support (1790 & 1800).
  - Observed population growth exceeding food supply growth.
  - Concerned that biological programming for reproduction will outstrip food production.

Impact of Food Supply on Population
  - Population increases with food abundance and decreases when food is scarce.
  - Economic theory connection: demand for food increases as population grows, which raises food prices, affecting population growth negatively.
  - Direct consequence for wages: as demand for labor rises due to population increase, wages fall relative to capital.

Types of Checks
  - Positive Checks: Factors increasing death rates (e.g., famine, war).
    - Jokingly associated with four horsemen of the apocalypse.
  - Preventative Checks: Factors that decrease birth rates.
    - Example: moral restraint, endorsed by Malthus and opposed to vices such as birth control.

Social Assistance
- Argued public relief undercuts moral standards and leads to societal decay.
- Counterintuitive effect: relief allows for increased birth rates among lower classes, countering population control.

Malthus’ Views
- Population pressure deemed unavoidable; society’s attempts at restructuring do not mitigate these pressures.
- Implications on poverty as a moral failing: viewed negatively from a societal perspective.
Malthus' Counter-Responses to Critics
- Suggested that "want" drives exertion and creativity, linking hardship with human endeavor.

Malthus and Capital
- Critique of capitalist models and explanations about saving and spending.
- Suggested that savings must circulate back into demand; otherwise, economic activity declines.
Labor vs. Capital
- Labor does not receive entirety of produced value due to capital and landowner payments.
- Strain on economy when labor cannot fulfill demand due to lack of purchasing power.

Population Doctrine
- Concept developed that combines Malthusian principles with wage theory.
- Wages are self-regulating based on population sizes, subject to subsistence thresholds.

Comparison with Historical Events
- Noted issues during pandemics and their deviation from prior economic models.
- Challenges internalizing Malthusian theories into modern economic outlook, particularly with technology and productivity growth.

Preview of upcoming contextual exploration of comprehensive Malthusian economic theories.