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The classical economists pioneered a fresh way of thinking about the uniquely human tendency to create, trade, consume, and accumulate. Adam Smith (1723-1790) explained how the division of labor expands productive power and argued for freedom in economical affairs. David Ricardo (1772-1823), a London stockbroker, developed the idea of diminishing returns, the wages-fund doctrine, and classical rent theory. Another classical theorist, Thomas Malthus (1776-1834), proposed that staff are doomed to subsistence wages, because populations increase geometrically while food production increases arithmetically. Other classical economists, including James Mill, John Stuart Mill, and Nassau Senior, extended and refined classical economics throughout the nineteenth century.
