Albert Frederick Mummery

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Albert Frederick Mummery (10 September 1855 – 24 August 1895) was a renowned English mountaineer and economist. While he is most widely celebrated for his pioneering achievements in alpinism and his "Mummeryism" approach to climbing, he also co-authored an influential and controversial work of economic theory, The Physiology of Industry (1889) with J.A. Hobson, which put forward an early theory of underconsumption.

Albert Mummery was born in Dover, Kent, England. His father, William Mummery, was a tanner and mayor of Dover. Albert inherited a share in the family tannery business (Messrs Mummery & Co.) and became its managing director. This business background provided him with financial independence, allowing him to pursue his passions for mountaineering and intellectual inquiry. He was known to be a fair and progressive employer.

Mummery is a legendary figure in the history of mountaineering. He was a proponent of guideless climbing and "Mummeryism," which emphasized lightweight expeditions and tackling difficult routes with minimal support. His notable ascents include:

The first ascent of the Zmuttgrat of the Matterhorn (1879).
The first ascent of the Aiguille du Grépon (1881), where the "Mummery Crack" is named after him.
The first ascent of Dych-Tau in the Caucasus (1888).
Pioneering attempts on major Himalayan peaks.

His book, My Climbs in the Alps and Caucasus (1895), is a classic of mountaineering literature.

Mummery's significant contribution to economic thought came through his collaboration with John A. Hobson. Together, they wrote The Physiology of Industry: Being an Exposure of Certain Fallacies in Existing Theories of Economics (1889).

Theory of Underconsumption (Oversaving): The central thesis of The Physiology of Industry was a theory of underconsumption, also described as an "oversaving" theory. Mummery and Hobson argued that in an industrial economy, there is a tendency for the wealthy to save too much of their income. This excessive saving (i.e., income not spent on consumption) leads to a deficiency in aggregate demand.
- They contended that if savings were not automatically translated into investment (challenging Say's Law, which posits that supply creates its own demand), then goods would go unsold, leading to gluts in the market, falling prices, reduced production, and ultimately, unemployment and economic depression.
- They argued that "the object of production is to provide 'utilities and conveniences' for consumers, and if consumption is impeded, production is correspondingly checked."
Critique of Classical Economics: Their work was a direct challenge to the prevailing classical economic orthodoxy of the time, particularly the ideas of economists like John Stuart Mill and the general acceptance of Say's Law. They believed that classical economics failed to adequately explain the cyclical nature of trade and the persistence of unemployment.
Implications for Economic Policy: While not explicitly a policy manifesto, the theory implied that measures to increase consumption (e.g., through redistribution of income towards those with a higher propensity to consume, or through public works) could alleviate economic downturns.
Reception and Influence:
- The Physiology of Industry was highly controversial upon its publication and was largely dismissed or attacked by the mainstream economic establishment of the day. Alfred Marshall, a leading economist, is said to have discouraged Hobson from pursuing such "heretical" lines of thought.
- The book effectively marginalized Hobson from orthodox academic circles for a time.
- However, the underconsumptionist ideas presented by Mummery and Hobson were later recognized as important precursors to the work of John Maynard Keynes. Keynes, in his General Theory of Employment, Interest and Money (1936), acknowledged Mummery and Hobson as among his "brave army of heretics" who had anticipated aspects of his own theories on deficient aggregate demand.

It is believed that Mummery, with his practical business experience, contributed significantly to the empirical observations and the more direct, less academic style of the economic arguments in the book, while Hobson provided more of the theoretical framework.

In 1895, Mummery led an expedition to Nanga Parbat (8,126 m) in the Himalayas, one of the first serious attempts on an 8,000-meter peak. While reconnoitering the Rakhiot Face, Mummery and two Gurkha companions, Ragobir Thapa and Goman Singh, disappeared. They are presumed to have been killed by an avalanche on or around 24 August 1895.

While Mummery's fame rests predominantly on his revolutionary achievements in mountaineering, his contribution to economic thought, though often overlooked, is significant. The Physiology of Industry stands as an important early challenge to classical economic assumptions and a notable early formulation of underconsumption theory, which gained greater prominence with the Keynesian Revolution decades later. He is remembered as a man of action and intellect, who excelled in both the physical challenges of the mountains and the intellectual debates of economic theory.

1889: The Physiology of Industry: Being an Exposure of Certain Fallacies in Existing Theories of Economics (co-authored with J.A. Hobson). London: John Murray.
1895: My Climbs in the Alps and Caucasus . London: T. Fisher Unwin.

Albert Frederick Mummery (10 September 1855 – 24 August 1895) was a renowned English mountaineer and economist. While he is most widely celebrated for his pioneering achievements in alpinism and his "Mummeryism" approach to climbing, he also co-authored an influential and controversial work of economic theory, The Physiology of Industry (1889) with J.A. Hobson, which put forward an early theory of underconsumption.

Albert Mummery was born in Dover, Kent, England. His father, William Mummery, was a tanner and mayor of Dover. Albert inherited a share in the family tannery business (Messrs Mummery & Co.) and became its managing director. This business background provided him with financial independence, allowing him to pursue his passions for mountaineering and intellectual inquiry. He was known to be a fair and progressive employer.

Mummery is a legendary figure in the history of mountaineering. He was a proponent of guideless climbing and "Mummeryism," which emphasized lightweight expeditions and tackling difficult routes with minimal support. His notable ascents include:

The first ascent of the Zmuttgrat of the Matterhorn (1879).
The first ascent of the Aiguille du Grépon (1881), where the "Mummery Crack" is named after him.
The first ascent of Dych-Tau in the Caucasus (1888).
Pioneering attempts on major Himalayan peaks.

His book, My Climbs in the Alps and Caucasus (1895), is a classic of mountaineering literature.

Mummery's significant contribution to economic thought came through his collaboration with John A. Hobson. Together, they wrote The Physiology of Industry: Being an Exposure of Certain Fallacies in Existing Theories of Economics (1889).

Theory of Underconsumption (Oversaving): The central thesis of The Physiology of Industry was a theory of underconsumption, also described as an "oversaving" theory. Mummery and Hobson argued that in an industrial economy, there is a tendency for the wealthy to save too much of their income. This excessive saving (i.e., income not spent on consumption) leads to a deficiency in aggregate demand.
- They contended that if savings were not automatically translated into investment (challenging Say's Law, which posits that supply creates its own demand), then goods would go unsold, leading to gluts in the market, falling prices, reduced production, and ultimately, unemployment and economic depression.
- They argued that "the object of production is to provide 'utilities and conveniences' for consumers, and if consumption is impeded, production is correspondingly checked."
Critique of Classical Economics: Their work was a direct challenge to the prevailing classical economic orthodoxy of the time, particularly the ideas of economists like John Stuart Mill and the general acceptance of Say's Law. They believed that classical economics failed to adequately explain the cyclical nature of trade and the persistence of unemployment.
Implications for Economic Policy: While not explicitly a policy manifesto, the theory implied that measures to increase consumption (e.g., through redistribution of income towards those with a higher propensity to consume, or through public works) could alleviate economic downturns.
Reception and Influence:
- The Physiology of Industry was highly controversial upon its publication and was largely dismissed or attacked by the mainstream economic establishment of the day. Alfred Marshall, a leading economist, is said to have discouraged Hobson from pursuing such "heretical" lines of thought.
- The book effectively marginalized Hobson from orthodox academic circles for a time.
- However, the underconsumptionist ideas presented by Mummery and Hobson were later recognized as important precursors to the work of John Maynard Keynes. Keynes, in his General Theory of Employment, Interest and Money (1936), acknowledged Mummery and Hobson as among his "brave army of heretics" who had anticipated aspects of his own theories on deficient aggregate demand.

It is believed that Mummery, with his practical business experience, contributed significantly to the empirical observations and the more direct, less academic style of the economic arguments in the book, while Hobson provided more of the theoretical framework.

In 1895, Mummery led an expedition to Nanga Parbat (8,126 m) in the Himalayas, one of the first serious attempts on an 8,000-meter peak. While reconnoitering the Rakhiot Face, Mummery and two Gurkha companions, Ragobir Thapa and Goman Singh, disappeared. They are presumed to have been killed by an avalanche on or around 24 August 1895.

While Mummery's fame rests predominantly on his revolutionary achievements in mountaineering, his contribution to economic thought, though often overlooked, is significant. The Physiology of Industry stands as an important early challenge to classical economic assumptions and a notable early formulation of underconsumption theory, which gained greater prominence with the Keynesian Revolution decades later. He is remembered as a man of action and intellect, who excelled in both the physical challenges of the mountains and the intellectual debates of economic theory.

1889: The Physiology of Industry: Being an Exposure of Certain Fallacies in Existing Theories of Economics (co-authored with J.A. Hobson). London: John Murray.
1895: My Climbs in the Alps and Caucasus . London: T. Fisher Unwin.

Albert Frederick Mummery (10 September 1855 – 24 August 1895) was a renowned English mountaineer and economist. While he is most widely celebrated for his pioneering achievements in alpinism and his "Mummeryism" approach to climbing, he also co-authored an influential and controversial work of economic theory, The Physiology of Industry (1889) with J.A. Hobson, which put forward an early theory of underconsumption.

Albert Mummery was born in Dover, Kent, England. His father, William Mummery, was a tanner and mayor of Dover. Albert inherited a share in the family tannery business (Messrs Mummery & Co.) and became its managing director. This business background provided him with financial independence, allowing him to pursue his passions for mountaineering and intellectual inquiry. He was known to be a fair and progressive employer.

Mummery is a legendary figure in the history of mountaineering. He was a proponent of guideless climbing and "Mummeryism," which emphasized lightweight expeditions and tackling difficult routes with minimal support. His notable ascents include:

The first ascent of the Zmuttgrat of the Matterhorn (1879).
The first ascent of the Aiguille du Grépon (1881), where the "Mummery Crack" is named after him.
The first ascent of Dych-Tau in the Caucasus (1888).
Pioneering attempts on major Himalayan peaks.

His book, My Climbs in the Alps and Caucasus (1895), is a classic of mountaineering literature.

Mummery's significant contribution to economic thought came through his collaboration with John A. Hobson. Together, they wrote The Physiology of Industry: Being an Exposure of Certain Fallacies in Existing Theories of Economics (1889).

Theory of Underconsumption (Oversaving): The central thesis of The Physiology of Industry was a theory of underconsumption, also described as an "oversaving" theory. Mummery and Hobson argued that in an industrial economy, there is a tendency for the wealthy to save too much of their income. This excessive saving (i.e., income not spent on consumption) leads to a deficiency in aggregate demand.
- They contended that if savings were not automatically translated into investment (challenging Say's Law, which posits that supply creates its own demand), then goods would go unsold, leading to gluts in the market, falling prices, reduced production, and ultimately, unemployment and economic depression.
- They argued that "the object of production is to provide 'utilities and conveniences' for consumers, and if consumption is impeded, production is correspondingly checked."
Critique of Classical Economics: Their work was a direct challenge to the prevailing classical economic orthodoxy of the time, particularly the ideas of economists like John Stuart Mill and the general acceptance of Say's Law. They believed that classical economics failed to adequately explain the cyclical nature of trade and the persistence of unemployment.
Implications for Economic Policy: While not explicitly a policy manifesto, the theory implied that measures to increase consumption (e.g., through redistribution of income towards those with a higher propensity to consume, or through public works) could alleviate economic downturns.
Reception and Influence:
- The Physiology of Industry was highly controversial upon its publication and was largely dismissed or attacked by the mainstream economic establishment of the day. Alfred Marshall, a leading economist, is said to have discouraged Hobson from pursuing such "heretical" lines of thought.
- The book effectively marginalized Hobson from orthodox academic circles for a time.
- However, the underconsumptionist ideas presented by Mummery and Hobson were later recognized as important precursors to the work of John Maynard Keynes. Keynes, in his General Theory of Employment, Interest and Money (1936), acknowledged Mummery and Hobson as among his "brave army of heretics" who had anticipated aspects of his own theories on deficient aggregate demand.

It is believed that Mummery, with his practical business experience, contributed significantly to the empirical observations and the more direct, less academic style of the economic arguments in the book, while Hobson provided more of the theoretical framework.

In 1895, Mummery led an expedition to Nanga Parbat (8,126 m) in the Himalayas, one of the first serious attempts on an 8,000-meter peak. While reconnoitering the Rakhiot Face, Mummery and two Gurkha companions, Ragobir Thapa and Goman Singh, disappeared. They are presumed to have been killed by an avalanche on or around 24 August 1895.

While Mummery's fame rests predominantly on his revolutionary achievements in mountaineering, his contribution to economic thought, though often overlooked, is significant. The Physiology of Industry stands as an important early challenge to classical economic assumptions and a notable early formulation of underconsumption theory, which gained greater prominence with the Keynesian Revolution decades later. He is remembered as a man of action and intellect, who excelled in both the physical challenges of the mountains and the intellectual debates of economic theory.

1889: The Physiology of Industry: Being an Exposure of Certain Fallacies in Existing Theories of Economics (co-authored with J.A. Hobson). London: John Murray.
1895: My Climbs in the Alps and Caucasus . London: T. Fisher Unwin.