Describe the Malthusian trap where the wages of workers were getting restricted in pre-industrial revolution England. How did they manage to break out of this? Describe in detail the historical process that eventually led to higher wages for workers. (500-1000)] Explain briefly in economic terms with the help of timeline and graphs. The Malthusian Trap

The Malthusian Trap

The Malthusian Trap is an economic theory developed by Thomas Malthus in the late 1700s, which states that population growth will eventually outpace the production of food, leading to scarcity and poverty. In pre-industrial revolution England, the wages of workers were restricted due to the oversupply of labor, as the population had grown faster than the rate of economic growth (Grajzl & Murrell, 2022). This resulted in a situation where the wages of workers were kept artificially low, as workers were willing to accept lower wages in exchange for employment. In order to break out of this trap, the Industrial Revolution of the late 18th century brought about the introduction of new technology, which allowed for increased production and improved efficiency (Kumon, 2022). This led to a shift from an agricultural economy to an industrial one, resulting in increased wages for workers as the demand for labor increased. This shift in the economy also allowed for the development of trade unions, which further helped to increase wages for workers. Cont…