The main theory implies that low-income countries are caught in a trap, which condemns the too perpetual poverty. It bases this assumption on per-capita income and on population growth rate. When per-capita income increases, population growth will follow, slowing the economy once again, only for the cycle to repeat itself perpetually. Two points can sum up all the arguments. The first being that Carey was a religious and intellectual man who viewed population trends in an optimistic fashion and the second being that he believed that human population would reach a balance environment with the supply of nature.
Henry Charles Carey had for the most part of his life good battles against several of the highest regarded individuals in the field of economics. He had undertaken great deal of study during his times of criticisms against namely that of Ricardo, Malthus, and Smith. The erroneous nature of his opposition lead to the questioning of the worthiness of Carey=s contributions to economic thought. As to the overall contributions to economic analysis made by Carey, much disagreement exists. To most economists, however, Carey=s service was rendered through his attacks on economic theory, especially the four previously mentioned ones. Nobly, he had succeeded in making new theories and proving them at most times. The end results of Carey’s contributions were a deeper understanding of some of the basic theories in economics. Carey defined the meaning of an American through his beliefs in protectionism on a world level along with his belief of laisser faire system within the country along with his optimistic views that established Carey as one of the most highly regarded person of his times, something only that today’s fellow American could even dream about, In his time he exercised great influence, though less so in his country than in America and on the Continent; for us, at least, he has now faded into comparative, insignificance, cursed by his own voluminousness and repetitiveness, and, it must be added by a rather na ve foolishness(Gray, 249). Henry Carey had ideas that were not wholly unjust; he is, above all, the supreme example of the truth that the economist reflects his environment.
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