 Mummery and Hobson’s The Physiology of IndustryChapter 5 in J. A. Hobson after Fifty Years, 1994, pp 78-99 from Palgrave Macmillan Abstract: Abstract The main message of The Physiology of Industry is, as Hobson and Mummery made very clear from their opening pages, the possibility of underconsumption. Despite the fact that underconsumptionist ideas were widespread at the time,1 this was enough for the book’s ideas to be branded ‘heretical’. In his later work, Hobson repeated and developed these ideas.2 Despite its importance as the first place in which Hobson expounded his ideas, however, The Physiology of Industry has not received the attention it deserves. There would seem to be a number of explanations for this neglect. First, the book’s joint authorship means that scholars whose main interest is in Hobson do not know how far its ideas are attributable to Hobson and how far to Mummery.3 Second, much of the interest in Hobson has focused on his political philosophy rather than on his ‘technical’ economics. Third, because Hobson developed and extended the most important ideas in The Physiology of Industry, commentators have usually been more interested in his later, more ‘mature’ expressions of his ideas. Keywords: Capital Stock; Natural Agent; Wholesale Price; Aggregate Demand; Retail Price (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-23213-0_5 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-23213-0_5 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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