Why Adam Smith and Malthus?

We briefly touched on this in class, but I've still been kind of uncertain about why Dickens specifically alluded to Adam Smith and Malthus in our excerpt of Hard Times. Because the Gradgrinds named their children after these two major influencers, it's clear that they support what these men represent. Adam Smith embodies the "self-made man" because he hypothesized that the economy was driven by hardworking capitalists who were seeking self-gain. This makes sense because both Mr. Gradgrind and Mr. Bounderby built their identity and wealth through their own toil. However, Adam Smith, as Mrs. Quinet brought up, also represents the stagnancy of the lower class as the majority of capitalist ventures can only be sustained by members of the middle and upper class who are financially stable. Thus, this "rags to riches" idea present in Hard Times through Gradgrind and Bounderby is contradicted by Adam Smith's theories.

I'm more confused about Malthus, though. I suppose that Malthus represents rationality and the absence of overly optimistic, almost fairytale-like thinking. His idea -- restricting offspring to maintain a high standard of living for all -- is certainly rational, regardless of its infeasibility and ethical conflicts. This way of thinking is idealized in Hard Times, and children are taught to abandon imagination and creativity for a more "inside the box" lifestyle. In that sense, I can understand why Malthus was referenced, but I feel like this is kind of a stretch. Moreover, Mr. and Mrs. Gradgrind had at least 4 children, which blatantly contradicts Malthus' theories. Basically, I'm still confused.

What do you guys think? Why Adam Smith and Malthus?