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"In the Essay on Population economic growth consists of alternating surges of population (during which real wages fall and the rate of profit rises) and capital (during which the reverse occurs). A series of temporary equilibria exists at which wages are maximal, the rate of profit minimal, and fully employed work-force in technically determined relation to fixed capital stock. Between these equilibria occur episodes of excess labour, below-maximum wages, above minimum profit-rate and capital accumulation. Malthus's 'ratios' presuppose a logarithmic production function that implies first, that the full-employment real wage will fall to subsistence; secondly, that the full-employment 'wages fund' is constant." (SUMMARY IN FRE)