We examine a nearly aligned pulsar model with polar cap acceleration in order to explain the energetics and number of the known gamma-ray pulsars. In this model, the efficiency of converting spin-down luminosity to gamma-ray luminosity increases with decreasing spin-down luminosity, a trend recently emphasized by Ulmer. The predicted gamma-ray flux is proportional to P3/4/P5/4d2, where P is the period, P is the period derivative, and d is the distance to the pulsar. For initial spin periods between almost-equal-to 10 and 30 ms and neutron star polar magnetic fields between almost-equal-to 1 and 4 TG, this model accounts for the number and age distribution of the five pulsars which have been observed to emit gamma rays at energies greater than 100 MeV. Implications for pulsar studies are considered.