J. A. Hobson

J. A. Hobson (1858–1940) was a renowned English economist and social scientist, celebrated for his critiques of imperialism and economic theory. Hobson's 1894 seminal work, 'The Evolution of Modern Capitalism: A Study of Machine Production,' is a key text that maps the transformations in the economic landscape brought on by the Industrial Revolution, offering a detailed analysis of how technological advancements and capital concentration affected the market structure and labour. His foresight in economic thought was not solely confined to this publication; Hobson's theoretical perspectives reverberated through his extensive body of work, influencing Keynesian economics and later, development theory. A central figure among the radical liberals of his time, he approached economics with a holistic view. He addressed issues of inequality, poverty, and imperialism, arguing that unequal distribution of wealth led to overproduction and underconsumption. Hobson's progressive stance on socio-economic issues, underpinned by his academic scholarship, has made him a reference point for both historical and contemporary economic discussions. In recognition of his contributions, he is often regarded as a pioneer of heterodox economics, and his works remain a subject of study for their originality, depth, and relevance.