Adam Smith's vision of the world demonstrated glowing optimism when he founded the school of Classical Economists. Ironically, the chief spokesmen for that school — David Ricardo and Thomas Malthus — while accepting the principles which Smith laid down, differed sharply from him in their pessimistic views of an ominous future. Ricardo and Malthus violently disagreed with each other's economic views on practically every point except one — the dangers of overpopulation. When one published a book or article developing a particular economic thesis, the other attacked it. Yet, despite differences of philosophy, the two economists were congenial and held a high personal regard for each other.
Of Dutch extraction, David Ricardo was a successful Jewish stockbroker who, by the age of 26, became financially independent. He won widespread respect, and his social position ranked high, including membership in Parliament where he earned the title, "the man who educated Commons." His Principles of Political Economy (1817) helped shift the economic picture from Smith's optimism to a widespread pessimism. A practical man in financial matters, Ricardo was essentially a theorist who created a dry, mechanistic picture of society.
In contrast, the Reverend Thomas Malthus had none of Ricardo's good fortune or social success. He never enjoyed more than a modest income and was continually criticized for his ideas. In fact, his biographer called him "the best abused man of his age." Spending most of his life in academic research, Malthus was not at all practical in financial matters, yet was most practical in his economic views.
