|Statement||by Erwin Esser Nemmers.|
|Series||Reprints of economic classics.|
|LC Classifications||HB801 .N4|
|The Physical Object|
|Pagination||ix, 152 p. :|
|Number of Pages||152|
|LC Control Number||57004450|
First described by Mummery and Hobson in the book Physiology of Industry, underconsumption was a scathing criticism of Say's law and classical economics' emphasis on thrift. The forwardness of the book's conclusions discredited Hobson among the professional economics community. Ultimately he was excluded from the academic community. Underconsumption presupposes that mature economies are unlikely to be be able to consume all that they produce; as a result, more capital accumulates, the marginal return on that capital declines, and stagnation sets in. But while Hobson was a seminal mind in economics, this is not an economics book--it is overwhelmingly a historical survey of /5(24). Jointly with A.F. Mummery, Hobson had reacted to the depression in trade in the s by putting forward an underconsumption theory in The Physiology of Industry (), which was the first underconsumptionist work actually to use the term ‘underconsumption’. In this book Mummery and Hobson argued that the sole source of demand for. Reviews of Books Hobson and Underconsumption. By Erwin Esser Nemmers. Amsterdam: North-Holland Publishing Company, Pp. xi, I Despite certain similarities with Keynesian and post-Keynesian doctrine Hob-son's work is rarely considered serious work by contemporary theorists and has been largely ignored by historians of economic thought.
Looking for an examination copy? If you are interested in the title for your course we can consider offering an examination copy. To register your interest please contact [email protected] providing details of the course you are teaching. J. A. Hobson was an important liberal writer on. First outlined by Mummery and Hobson in the book, 'Physiology of Industry', underconsumption was a scathing indictment of Say's Law and Classical Economics' emphasis on thrift. The forwardness of the book's conclusions discredited Hobson among the professional economics community, and through the supposed (though not proven) machinations. Underconsumption presupposes that mature economies are unlikely to be be able to consume all that they produce; as a result, more capital accumulates, the marginal return on that capital declines, and stagnation sets in. But while Hobson was a seminal mind in economics, this is not an economics book--it is overwhelmingly a historical survey of Reviews: - The "Hobson-Lenin Thesis": Inequality, Imperialism, and the First World War In a small section in his new book, Branko Milanovic argues that the First World War was ultimately caused by income & wealth inequality within the belligerent countries, resurrecting ideas from John A. Hobson, Rosa Luxemburg, and Lenin. The basic argument: high domestic inequality => 'underconsumption.
Hobson also extended his underconsumption thesis to his theory of imperialism.. Hobson had worked as a journalist in South Africa for the Manchester Guardian on the eve of the Boer War, and upon his return published several a series of articles and books on imperialism and militarism. Imperialism () is perhaps his most famous book. John Atkinson Hobson was an English economist in the second-half of the C19th and worked well into the C20th, dying at the age of 81 in I have been reflecting on his work in the context of wage and other labour market developments in recent years. Hobson, individually and with co-authors, provided some excellent insights into how rising income inequality, mass unemployment and . value, underconsumption crises, economic imperialism and participatory democracy. As is well known, Keynes described Hobson's first book on the economics of underconsumption- The Physiology of Industry ()-as "epoch-making" and Lenin argued that Hobson's study Imperialism () was the first work to state the. This book critically analyses his theories and shows that many of them have contemporary relevance. Hobson is best known by today's economists for his underconsumption theory, which was recognised by Keynes as an important forerunner of The General Theory.