Editing J. A. Hobson (section)

===Early career===
When Hobson relocated to London in 1887, England was in the midst of a major economic depression. While classical economics was at a loss to explain the vicious business cycles, London had many societies that proposed alternatives. While living in London, Hobson was exposed to the [[Social democracy|Social Democrats]] and [[Henry Hyndman|H.M. Hyndman]], [[Christian Socialists]], and [[Henry George]]'s [[Georgism|Single-tax]] system. He befriended several of the prominent [[Fabians]] who would found the [[London School of Economics]], some of whom he had known at [[Oxford]].<ref name="coats">{{cite book |last1=Coats |first1=Alfred William |author-link1=A.W. (Bob) Coats |title=The sociology and professionalization of economics |chapter-url=https://books.google.com/books?id=scZzGUjvLxIC&q=%22j+a+hobson%22+%22london+school+of+economics%22&pg=PA195 |access-date=5 October 2010 |volume=2 |year=1993 |orig-year=1967 |publisher=[[Routledge]] |page=195 |chapter=Alfred Marshall and the Early Development of the London School of Economics|isbn=9780203982648 }}</ref> However, none of these groups proved persuasive enough for Hobson; rather it was his collaboration with a friend, the businessman and mountain climber [[Albert F. Mummery]], that would produce Hobson's contribution to economics: [[Underconsumption|the theory of underconsumption]]. First described by Mummery and Hobson in the book ''Physiology of Industry'' (1889), underconsumption was a scathing criticism of [[Say's law]] and [[classical economics]]' emphasis on [[frugality|thrift]]. The forwardness of the book's conclusions discredited Hobson among the professional economics community. Ultimately he was excluded from the academic community.

During the very late 19th century, his works included ''Problems of Poverty'' (1891), ''Evolution of Modern Capitalism ''(1894), ''Problem of the Unemployed'' (1896) and ''John Ruskin: Social Reformer'' (1898). They developed Hobson's critique of the [[economic rent|classical theory of rent]] and his proposed generalization anticipated the Neoclassical "[[marginal productivity]]" theory of [[Income distribution|distribution]].<ref>The Latin Library. (n.d.). Notes on Hobson’s Imperialism. Retrieved December 28, 2024, from https://www.thelatinlibrary.com/imperialism/notes/hobson.html</ref>