The Logistic Equation Applied to Population Dynamics
This was the year that Reverend Thomas Robert Malthus, professor of political economy at East India Company’s College, introduced An Essay on the Principle of Population, which predicted that the human race grew geometrically (exponentially) while agricultural production increased arithmetically. Arithmetic growth is described as growth at constant increments in a given time period. For example, enrollment at Palm Beach State College increases by a 100 new students annually. Alternatively, geometric growth is described as an increase at a constant rate (a percentage) with different annual increments. An example of geometric growth is compound interest in a bank account.