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• Abbreviations
• 437.: Ricardo to Trower1[reply to 435.—ANSWERED By 445]
• 438.: Mill to Ricardo1[answered By 441]
• 439.: Ricardo to Mcculloch1[answered By 474]
• 440.: Malthus to Ricardo1[answered By 442]
• 441.: Ricardo to Mill1[reply to 438.—ANSWERED By 448]
• 442.: Ricardo to Malthus1[reply to 440.—ANSWERED By 443]
• 443.: Malthus to Ricardo1[reply to 442.—ANSWERED By 444]
• 444.: Ricardo to Malthus1[reply to 443.—ANSWERED By 455]
• 445.: Trower to Ricardo1[reply to 437.—ANSWERED By 447]
• 446.: Say to Ricardo1[reply to 430.—ANSWERED By 488]
• 447.: Ricardo to Trower1[reply to 445.—ANSWERED By 456]
• 448.: Mill to Ricardo1[reply to 441.—ANSWERED By 449]
• 449.: Ricardo to Mill2[reply to 448.—ANSWERED By 450]
• 450.: Mill to Ricardo2[reply to 449.—ANSWERED By 453]
• 450a.: Place to Ricardo1[answered By 451]
• 451.: Ricardo to Place1[reply to 450a]
• 452.: Ricardo to Murray1
• 453.: Ricardo to Mill1[reply to 450]
• 454.: Ricardo to Malthus1[answered By 455]
• 455.: Malthus to Ricardo3[reply to 444 & 454.—ANSWERED By 458]
• 456.: Trower to Ricardo2[reply to 447.—ANSWERED By 461]
• 457.: Ricardo to Wheatley1
• 458.: Ricardo to Malthus1[reply to 455.—ANSWERED By 459]
• 459.: Malthus to Ricardo1[reply to 458.—ANSWERED By 460]
• 460.: Ricardo to Malthus1[reply to 459.—ANSWERED By 462]
• 461.: Ricardo to Trower1[reply to 456.—ANSWERED By 466]
• 462.: Malthus to Ricardo2[reply to 460.—ANSWERED By 463]
• 463.: Ricardo to Malthus1[reply to 462.—ANSWERED By 467]
• 464.: Ricardo to Mill1[answered By 469]
• 465.: Tooke to Ricardo1
• 466.: Trower to Ricardo3[reply to 461.—ANSWERED By 471]
• 467.: Malthus to Ricardo2[reply to 463.—ANSWERED By 468]
• 468.: Ricardo to Malthus1[reply to 467]
• 469.: Mill to Ricardo2[reply to 464.—ANSWERED By 470]
• 470.: Ricardo to Mill2[reply to 469]
• 471.: Ricardo to Trower2[reply to 466.—ANSWERED By 478]
• 472.: Ricardo to Mcculloch 2
• 473.: Ricardo to Mill1
• [enclosure: Ricardo’s Notes On Mill’s Elements of Political Economy]
• 474.: Mcculloch to Ricardo2[reply to 436 & 439.—ANSWERED By 476]
• 475.: Maria Edgeworth to Ricardo2
• 476.: Ricardo to Mcculloch1[reply to 474.—ANSWERED By 479]
• 477.: Maria Edgeworth to Ricardo1
• 478.: Trower to Ricardo2[reply to 471.—ANSWERED By 481]
• 479.: Mcculloch to Ricardo2[reply to 476.—ANSWERED By 483]
• 480.: Mcculloch to Ricardo1[answered By 483]
• 481.: Ricardo to Trower1[reply to 478]
• 482.: Ricardo to Sinclair1
• 483.: Ricardo to Mcculloch2[reply to 479 & 480.—ANSWERED By 484]
• 484.: Mcculloch to Ricardo3[reply to 483.—ANSWERED By 486]
• 485.: Mcculloch to Ricardo1[answered By 486 & 491]
• 486.: Ricardo to Mcculloch1[reply to 484 & 485.—ANSWERED By 495]
• 487.: Ricardo to Trower1
• 488.: Ricardo to Say1[reply to 446.—ANSWERED By 496]
• 489.: Ricardo to Foster2
• 490.: Ricardo to Trower1
• 491.: Ricardo to Mcculloch2[reply to 485.—ANSWERED By 495]
• 492.: Ricardo to Trower2
• 493.: Ricardo to Hodgson1
• 494.: Ricardo to Mcculloch1
• 495.: Mcculloch to Ricardo1[reply to 486 & 491.—ANSWERED By 497]
• 496.: Say to Ricardo2[reply to 488]
• 497.: Ricardo to Mcculloch3[reply to 495]
• 498.: Say to Ricardo1
• 499.: Ricardo to Trower1
• 500.: Ricardo to [cowell]1
• 501.: Ricardo to Trower1
• 502.: Ricardo to Maria Edgeworth1[answered By 510]
• 503.: Mcculloch to Ricardo1[answered By 504]
• 504.: Ricardo to Mcculloch2[reply to 503]
• 505.: Ricardo to Mill1
• 506.: Ricardo to Mill1
• 507.: Ricardo to Mill1
• 508.: Ricardo to Mill1
• 509.: Ricardo to Mill1
• 510.: Maria Edgeworth to Ricardo2[reply to 502.—ANSWERED By 511]
• 511.: Ricardo to Maria Edgeworth1[reply to 510.—ANSWERED By 514]
• 512.: Ricardo to Trower1
• 513.: Ricardo to Malthus3
• 514.: Maria Edgeworth to Ricardo2[reply to 511.—ANSWERED By 515]
• 515.: Ricardo to Maria Edgeworth1[reply to 514]
• 516.: Ricardo to Mill1
• 517.: Ricardo to Trower1
• 518.: Mcculloch to Ricardo1[answered By 520]
• 519.: Maria Edgeworth to Ricardo2extract of a Letter From Paris
• 520.: Ricardo to Mcculloch1[reply to 518]
• 521.: Ricardo to Goldsmid2
• 522.: Ricardo to Mill1
• 523.: Ricardo to Malthus3
• 524.: Ricardo to Mcculloch2[answered By 526]
• 525.: Ricardo to Grote1
• 526.: Mcculloch to Ricardo1[reply to 524]
• 527.: Trower to Ricardo3[answered By 533]
• 528.: Ricardo to Maria Edgeworth1
• 529.: Ricardo to Malthus1
• 530.: Ricardo to Mcculloch1[answered By 541]
• Blake to Mcculloch1
• 531.: Ricardo to Malthus1[answered By 532]
• 532.: Malthus to Ricardo2[reply to 531.—ANSWERED By 536]
• 533.: Ricardo to Trower2[reply to 527.—ANSWERED By 547]
• 534.: Trower to Ricardo2[answered By 535]
• 535.: Ricardo to Trower1[reply to 534.—ANSWERED By 547]
• 536.: Ricardo to Malthus1[reply to 532.—ANSWERED By 540]
• 537.: Ricardo to Mill1[answered By 539]
• 538.: Ricardo to Mcculloch1[answered By 541]
• 539.: Mill to Ricardo3[reply to 537.—ANSWERED By 548]
• 540.: Malthus to Ricardo1[reply to 536.—ANSWERED By 542]
• 541.: Mcculloch to Ricardo1[reply to 530 & 538.—ANSWERED By 543 & 544]
• 542.: Ricardo to Malthus1[reply to 540.—ANSWERED By 545]
• 543.: Ricardo to Mcculloch1[reply to 541]
• 544.: Ricardo to Mcculloch1[reply to 541.—ANSWERED By 546]
• 545.: Malthus to Ricardo1[reply to 542.—ANSWERED By 550]
• 546.: Mcculloch to Ricardo1[reply to 544]
• 547.: Trower to Ricardo1[reply to 533 & 535.—ANSWERED By 549]
• 548.: Ricardo to Mill1[reply to 539]
• 549.: Ricardo to Trower1[reply to 547.—ANSWERED By 551]
• 550.: Ricardo to Malthus1[reply to 545]
• 551.: Trower to Ricardo1[reply to 549.—ANSWERED By 553]
• 552.: Ricardo to Mill1
• 553.: A. Austin to Trower1[reply to 551]
• 544.: A. Austin to Trower2
• 555.: Mill to Mcculloch1

440.

malthus to ricardo1
[Answered by 442]

S^t Catherine’s July [7th, 1821]2

My dear Ricardo

Your letter3 did not reach me so soon as it ought, from the irregularity of the post or the servants, here, where the family is but just settled.

Mrs. Malthus and I are much obliged to you for your very kind invitation which it would give us great pleasure to accept, if we could; but having come here later than we intended, and being obliged to return the 24^th or 25^th of this month we shall not be permitted still further to shorten our visit to the Eckersalls, as I hinted to you in Town. We must therefore defer our visit to Gatcomb till a better opportunity.

Pray has Maculloch specifically objected to your new doctrine relating to Machinery? From the manner in which you proposed the question to the Club I conclude he has.4 I thought he would at all events be much disappointed to see your new chapter, after having written the article on machinery in the last Edinburgh.5

I fear I must have expressed myself very clumsily throughout the whole of my long final chapter in my last work,6 as both in your notes and conversation you appear quite to have misunderstood me. You constantly say that it is not a question about the motives to produce. Now I have certainly intended to make it almost entirely a question about motives. We see in almost every part of the world vast powers of production which are not put into action, and I explain this phenomenon by saying that from the want of a proper distribution of the actual produce adequate motives are not furnished to continued production. By inquiring into the immediate causes of the progress of wealth I clearly mean to inquire mainly into motives. I dont at all wish to deny that some persons or others are entitled to consume all that is produced; but the grand question is whether it is distributed in such a manner between the different parties concerned as to occasion the most effective demand for future produce: and I distinctly maintain that an attempt to accumulate very rapidly which necessarily implies a considerable diminution of unproductive consumption, by greatly impairing the usual motives to production must prematurely check the progress of wealth. This surely is the great practical question, and not whether we ought to call the sort of stagnation which would be thus occasioned a glut. That I hold to be a matter of very subordinate importance.

But if it be true that an attempt to accumulate very rapidly will occasion such a division between labour and profits as almost to destroy both the motive and the power of future accumulation and consequently the power of maintaining and employing an increasing population, must it not be acknowledged that such an attempt to accumulate, or that saving too much, may be really prejudicial to a country. Do look at my chapter again after this explanation.

With regard to the question you put to me at the club, I should distinctly answer that under all common circumstances, if an increased power of production be not accompanied by an increase of unproductive expenditure, it will inevitably lower profits and throw labourers out of employment. But on the other hand if it be accompanied by a proper proportion of unproductive expenditure it will certainly raise both profits and wages and greatly advance the wealth of the country. On the former supposition I should expect that the result would be great indolence among the labouring classes, and a diminished instead of increased gross produce. This indolence would contribute to the low profits.

Mrs. M. joins with me in kind regards to Mrs. Ricardo, and all your pleasant family circle.

We are in a very pretty and Romantic valley, and should enjoy it much if the weather were finer.

Ever truly Yours

T R Malthus

[1 ]Addressed: ‘D. Ricardo Esqr MP. / Gatcomb / Minchinhampton / Glostershire’. Postmark, Bath 7 July 1821.

MS in R.P.

[2 ]Omitted in MS.

[3 ]Ricardo’s letter is wanting.

[4 ]At the meeting of the Political Economy Club on 25 June (when Malthus’s question ‘Can there be a Glut of commodities?’ was discussed) Ricardo had proposed for consideration at the next meeting the query ‘Whether Machinery has a tendency to diminish the demand for labour?’ Owing to Ricardo’s absence from the next two meetings, the discussion was deferred till 4 Feb. 1822. (See Political Economy Club, Minutes of Proceedings, 1821–1881, pp. 43–6.)

[5 ]See above, VIII, 366, n. 2.

[6 ]Ch. vii, ‘On the Immediate Causes of the Progress of Wealth.’