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.

The Physiology of Industry is a remarkable work which set out to challenge contemporary theory surrounding the economics of labour, supply and demand. First published in 1889, Hobson's first book outlines some of the key areas of his theory of underconsumption. The precise contribution of Mummery, who died in a mountaineering accident in 1895, is unclear, although Hobson did state that it was heated debates with the businessman that gave him faith in these theories. The chapters analyse the nature of production, the relationship between wealth and consumption, the influence of the supply of gold on the economy and the law of supply and demand. This is an interesting work which marked a shift in economic thought, and will be of value to researchers and student of industrial theory and modern economic history.