Malthus thinks that population grows like the dark gray line in [0]. Verhulst, and pretty much everyone else who has studied population dynamics [1], thinks population grows like the light gray line (though perhaps with more complexity.) Notice the actual population data following the light gray line.

[0] http://www.growth-dynamics.com/articles/Kurzweil_files/image...

[1] http://en.wikipedia.org/wiki/Logistic_function#In_ecology:_m...