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The Non-Canonical Context of The Physiology of Industry

In: J. A. Hobson after Fifty Years

Author

Listed:
  • Alon Kadish

Abstract

According to the standard view of the history of modern economic theory the slow rise of theories of overproduction and underconsumption from the economic underworld to respectability began with A. F. Mummery and J.A. Hobson’s The Physiology of Industry (London, 1889). Not that these theories were particularly new, T.W. Hutchison has traced them as far back as the seventeenth century.1 But the stigma attached to them by the nineteenth century orthodox economists, and especially J.S. Mill, resulted in their being regarded by most economic theoreticians as merely eccentric and unworthy of serious consideration. Thus,’ wrote Schumpeter, ‘a considerable tract of open country was left unguarded in which, to the backward glance of the economist of today, there seems to stand, in something that to many looks very like a halo of glory, the figure of J.A. Hobson.’2 Hobson, as Schumpeter added, was not alone, but it is generally agreed that his consistency and his insistence eventually won the theories of overproduction and underconsumption serious consideration.3

Suggested Citation

  • Alon Kadish, 1994. "The Non-Canonical Context of The Physiology of Industry," Palgrave Macmillan Books, in: John Pheby (ed.), J. A. Hobson after Fifty Years, chapter 4, pages 53-77, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23213-0_4
    DOI: 10.1007/978-1-349-23213-0_4
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