 The Non-Canonical Context of The Physiology of IndustryAlon Kadish Chapter 4 in J. A. Hobson after Fifty Years, 1994, pp 53-77 from Palgrave Macmillan Abstract: 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 Keywords: Fair Trade; Royal Commission; Steam Engine; Foreign Loan; Time Policy (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_4 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-23213-0_4 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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