Description

First published in 1889, "The Physiology of Industry" is an influential treatise by British economist on John Atkinson Hobson that outlines some of the key areas of his theory of underconsumption. Within it, Hobson analyses the nature of production by considering the influence of the supply of gold on the economy, the connection between consumption and wealth, and the law of supply and demand. Contents include: "Scope of Production", "Quantitative Relation of Wealth to Consumption", "The Physiology of Production - The Law of Supply and Demand", "Over-production and Economic Checks", "Expansion and Contraction of Trade", "The Law of the Limiting Requisite", "Scarcity of Gold as an Economic Factor", etc. John Atkinson Hobson (1858 - 1940) was an English social scientist and economist most famous for his work on imperialism-which notably had an influence on Vladimir Lenin-as well as his theory of underconsumption. His early work also questioned the classical theory of rent and predicted the Neoclassical "marginal productivity" theory of distribution. Other notable works by this author include: "Evolution of Modern Capitalism" (1894), "Problem of the Unemployed" (1896), and "John Ruskin: Social Reformer" (1898). Many vintage books such as this are becoming increasingly scarce and expensive. It is with this in mind that we are republishing this volume now in an affordable, modern, high-quality edition complete with the original text and artwork.