The Industrial System: An Inquiry into Earned and Unearned Income

The Industrial System consolidated much of Hobson's previous work and furthered his analysis of the dynamic process by which oversaving reduced all real incomes in the economy until automatic checks came into play. It also contained an attempt to replace marginal productivity theory with the concept of an 'unproductive surplus'--"an idea which bears a striking but unacknowledged resemblance to ... Monopoly Capital" (M. Blaug Great Economists Before Keynes. "His most accomplished exercise in macroeconoomics." The New Palgrave. New introduction by Arthur Beckenstein.