Chapter 1 of Smith’s famous text argued that specialization is key to economic growth. He explained how making each man a master of his particular trade makes production faster and leads to further innovation; a cycle of rapid growth then ensues. This growth spreads more wealth over more people, narrowing the gap between princes and peasants. Malthus, in his First Essay on Population, debunked Godwin’s argument that a more egalitarian society and economics will end poverty. Malthus mainly argued that population inevitably reaches an equilibrium with subsistence because population naturally tends to increase but subsistence is definite.
These two philosophers’ arguments are more closely related than they seem at face value. Malthus argued that population is limited by what the earth has to offer. Smith proposed a way to make production much more efficient–specialization. Increased specialization, makes production of materials, all of which are either directly or indirectly from the earth, more efficient. Therefore the more efficient production becomes, the more people the rather can support. The only true limitation on the human population is technology, which is forever developing at an increasing rate. Thus population capacity can never be accurately predicted. The factors which we see at limitations to the population capacity now are mainly space, food, water, and clean air. However, what if science brings up the ability to turn all waste from resources into new resources? Then space would become the final limitation. What if we then develop a way to live at higher elevations or beneath the sea? Questions like these seem unreasonable at the present day, but who could have predicted that nuclear energy would possible one thousand years ago?