We present Monte Carlo simulations of the Galactic population of radio and gamma-ray pulsars using the predicted luminosities of the polar cap emission model. Assuming an emission solid angle of 1 steradian and alignment of the radio and gamma-ray beams, we explore cases with and without magnetic field decay. For the case of field decay on a timescale of 5 Myr, our model predicts that EGRET should have seen 9 radio loud and 2 radio quiet, gamma-ray pulsars. GLAST, on the other hand, is expected to observe 90 radio-loud and 101 radio-quiet, gamma-ray pulsars of which 9 are expected to be identified as pulsed sources. These results differ significantly from gamma-ray pulsar population studies using outer gap emission models. Although both models predict large numbers of radio-quiet gamma-ray pulsars in the Galaxy, the ratios of radio-quiet to radio-loud pulsars detected by GLAST will be a key discriminant.