Abstract
Although the existence of a relationship between J.A. Hobson and American institutionalism has often been noted, only a few of its aspects have been examined in any depth. Veblen’s influence on Hobson has been recognised,1 and it is well known that Hobson expended many efforts to develop an English audience for Veblen’s work (Brailsford 1948; Minchinton 1959; Allett 1981). In his own writings, Hobson utilised ideas taken from Veblen’s The Theory of the Leisure Class (1899) and The Theory of Business Enterprise (1904). Indeed, Hobson eagerly awaited the publication of the latter book and immediately incorporated some of Veblen’s arguments concerning business capitalisation and the activities of financiers into the revised (1906) edition of his Evolution of Modern Capitalism. It is also worth noting that Hobson saw in America a ‘model of advanced capitalism’ (Allett 1981, p. 30), and throughout his career Hobson paid close attention to the latest in American economic investigation.
The research for this paper was supported by a University of Victoria Research Grant. This, and the aid of my Research Assistant, Iran Pordeus, is gratefully acknowledged. An earlier version of this paper was presented at the History of Economics Society meetings at George Mason University 1985, during which time many helpful comments were received. Professor A. W. Coats deserves special thanks for his advice. The usual disclaimers hold.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Allett, J. (1981), New Liberalism: The Political Economy of JA. Hobson, Toronto: University of Toronto Press.
Arrow, K.J. (1975), Thorstein Veblen as an Economic Theorist’. American Economist 19 (Spring): 5–9.
Ayres, C.E. (1966), ‘Guaranteed Income: An Institutionalist View’. In Robert Theobald, ed., The Guaranteed Income, New York: Doubleday, pp. 161–74.
Brailsford, H.N. (1948), The Life Work of J.A. Hobson’. Hobhouse Memorial Trust Lecture, No. 17, Oxford: Oxford University Press.
Burns, A.R. (1936), The Decline of Competition, New York: McGraw-Hill.
Bye, R.T. (1940), Critiques of Research in the Social Sciences: 11, New York: Social Science Research Council.
Clark, J.M. (1914), Review of J.A. Hobson’s Work and Wealth. Quarterly Journal of Economics 29 (November): 177–80.
Clark, J.M. (1923), Studies in The Economics of Overhead Costs, Chicago: University of Chicago Press.
Clark, J.M. (1935), Strategic Factors in Business Cycles, New York: National Bureau of Economic Research.
Clark, J.M. (1940), ‘John A. Hobson, Heretic and Pioneer’ (1858–1940). Journal of Social Philosophy 5 (July): 356–9.
Clark, J.M. (1965), Economics of Planning Public Works, New York: Kelley.
Conant, C.A. (1896), A History of Modern Banks of Issue: With an Account of the Economic Crises of the Present Century, New York: Putnam.
Dorfman, J. (1969), The Economic Mind in American Civilisation, vol. V, New York: Kelley.
Dorfman, J. (1973), ‘New Light on Veblen’. Introductory Essay to Thorstein Veblen, Essays, Reviews and Reports, Clifton NJ: Kelley.
Fusfeld, D.R. (1954), The Economic Thought of Franklin D. Roosevelt and the Origins of the New Deal, New York: Columbia University Press.
Hadley, A.T. (1896), Economics: An Account of the Relations Between Private Property and Public Welfare, New York: Putnam.
Hamilton, W.H. (1974), ‘Economic Theory and “Social Reform”’. In Industrial Policy and Institutionalism, Clifton NJ: Kelley.
Hobson, J.A. (1894), The Evolution of Modern Capitalism. 1st edn, London: Walter Scott.
Hobson, J.A. (1896), The Problem of the Unemployed, London: Methuen.
Hobson, J.A. (1906), The Evolution of Modern Capitalism, rev. edn, New York: Scribners.
Hobson, J.A. (1930), Rationalization and Unemployment, London: Allen & Unwin.
Hobson, J.A. (1937), The Economics of Thorstein Veblen’. Political Science Quarterly 52 (March): 139–44.
Jenks, J.U. (1900), The Trust Problem, New York: McClure, Phillips.
King, J.E. (1988), Economic Exiles, London: Macmillan.
King, W.I. (1923), Employment, Hours and Earnings in Prosperity and Depression. United States, 1920–1922, New York: National Bureau of Economic Research.
Knapp, J.G. (1979), Edwin G Nourse: Economist for the People, Danville, Ill.: Interstate.
Levin, M., H.G. Moulton and C. Warburton (1934), America’s Capacity to Consume, Washington DC: Brookings Institute.
Means, G.C. (1935a), ‘Industrial Prices and Their Relative Inflexibility’. Senate Document 13, 74th Congress, 1st Session. Washington DC: US Govt Printing Office.
Means, G.C. (1935b), ‘Price Inflexibility and the Requirements of a Stabilizing Monetary Policy’, Journal of The American Statistical Association, 30 (June): 401–13.
Mills, F.C. (1927), The Behavior of Prices, New York: National Bureau of Economic Research.
Mills, F.C. (1929), ‘Price Movements and Related Industrial Changes’. In Recent Economic Changes, Report of the Committee on Recent Economic Changes of the President’s Conference on Unemployment, New York: National Bureau of Economic Research.
Mills, F.C. (1932), Economic Tendencies in the United States, New York: National Bureau of Economic Research.
Mills, F.C.(1936), Prices in Recession and Recovery, New York: National Bureau of Economic Research.
Minchinton, W.B. (1959), ‘Hobson, Veblen and America’. Bulletin of the British Association for American Studies 8 (February): 29–34.
Mitchell, W.C. (1913), Business Cycles, Berkeley: University of California Press.
Mitchell, W.C. (1927), Business Cycles: The Problem and its Setting, New York: National Bureau of Economic Research.
Mitchell, W.C.(1950), The Social Sciences and National Planning. In The Backward Act of Spending Money, New York: Kelley, pp. 83–102.
Mitchell, W.C. (1969), Types of Economic Theory, Volume II, New York: Kelley.
Moulton, H.G. (1918), ‘Commercial Banking and Capital Formation’. Journal of Political Economy 27 (May, June, July, November): 484–508, 638–63, 705–31, 849–81.
Mitchell, W.C. (1935a), The Formation of Capital, Washington DC: Brookings Institute.
Mitchell, W.C. (1935b), Income and Economic Progress, Washington DC: Brookings Institute.
Mummery, A.F. and J.A. Hobson (1889), The Physiology of Industry, London: Murray.
Namorato, M.V. (1988), Rexford G. Tugwell: A Biography, New York: Praeger.
Nemmers, E.E. (1956), Hobson and Underconsumptionism, Amsterdam: North Holland; repr. 1972 Clifton, NJ: Kelley.
Nourse, E.G. and associates (1934), America’s Capacity to Produce, Washington DC: Brookings Institute.
Nourse, E.G., and H.B. Drury (1938), Industrial Price Policies and Economic Progress, Washington DC: Brookings Institute.
Parrini, CP. and MJ. Sklar (1983), ‘New Thinking About the Market, 1896–1906: Some American Economists on Investment and the Theory of Surplus Capital’. Journal of Economic History 43 (September): 559–79.
Schumpeter, J.A. (1966), History of Economic Analysis, New York: Oxford University Press.
Schumpeter, J.A. (1974), The Theory of Economic Development, New York: Oxford University Press.
Sowell, T. (1967), The Evolutionary Economics of Thorstein Veblen’, Oxford Economic Papers 19 (July): 177–98.
Stein, H. (1969), The Fiscal Revolution in America, Chicago: Chicago University Press.
Sternsher, B. (1964), Rexford Guy Tugwell and The New Deal, New Brunswick: Rutgers University Press.
Tugwell, R.G. (1927), Industry’s Coming of Age, New York: Harcourt, Brace.
Tugwell, R.G. (1931), ‘The Theory of Occupational Obsolescence’. Political Science Quarterly 46 (June): 171–227.
Tugwell, R.G. (1932a), Flaws in the Hoover Economic Plan. Current History 35 (January): 525–31.
Tugwell, R.G. (1932b), ‘The Principle of Planning and the Institution of Laissez Faire’, American Economic Review 22 (March): 75–92.
Tugwell, R.G. (1935), ‘When Corporations Save’. In The Battle for Democracy, New York: Columbia University Press, pp. 187–92.
Tugwell, R.G. (1950), ‘The New Deal: The Progressive Tradition’, Western Political Quarterly 3 (September): 390–427.
Tugwell, R.G. (1968), The Brains Trust, New York: Viking.
Veblen, T.B. (1899), The Theory of the Leisure Class, New York: Macmillan.
Tugwell, R.G. (1903), Review of John A. Hobson’ s Imperialism. Journal of Political Economy 12 (March: 311–19.
Tugwell, R.G. (1904), The Theory of Business Enterprise, New York: Scribners.
Tugwell, R.G. (1934), ‘The Overproduction Fallacy’. In Leon Ardzooni, ed., Essays in Our Changing Order, New York: Viking, pp. 104–13.
Walker, D.A. (1977), ‘Thorstein Veblen’s Economic System’, Economic Inquiry 15 (April): 213–37. j
Wells, D.A. (1889), Recent Economic Changes, New York: Appleton.
Winch, D. (1969), Economics and Policy, London: Hodder & Stoughton.
Editor information
Editors and Affiliations
Copyright information
© 1994 John Pheby
About this chapter
Cite this chapter
Rutherford, M. (1994). J.A. Hobson and American Institutionalism: Underconsumption and Technological Change. In: Pheby, J. (eds) J. A. Hobson after Fifty Years. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-23213-0_10
Download citation
DOI: https://doi.org/10.1007/978-1-349-23213-0_10
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-23215-4
Online ISBN: 978-1-349-23213-0
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)