This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages)
|
William Harold Hutt (3 August 1899 – 19 June 1988) was an English economist who described himself as a classical economist.[1][2][3]
William Harold Hutt | |
|---|---|
| Born | 3 August 1899 |
| Died | 19 June 1988 |
| Nationality | British |
| Academic career | |
| Field | Economics |
| School or tradition | Neoclassical economics |
| Alma mater | London School of Economics |
| Influences | Edwin Cannan |
Early life
editHutt was born into a working-class, but educated, family in London, where his father was a compositor. After he completed high school during the height of the First World War, he began training as a pilot, but abandoned his training at the end of the war.[4]
Education
editHutt attended the London School of Economics (LSE) where he earned a Bachelor of Commerce degree under the "leading influence" of Edwin Cannan.[5][3] After his 1924 graduation from LSE, Hutt worked for a publisher until 1927. It was during this period that Hutt wrote his first published essay, entitled "The Factory System of the Early Nineteenth Century" (1926).
Professional career
editRather than wholly removing himself from academia upon the completion of his undergraduate degree, Hutt remained immersed in the LSE culture, attending LSE classes informally until March 1928, when he accepted a position as senior lecturer at the University of Cape Town (UCT), South Africa. In 1930, Hutt was promoted to "Chair of Commerce" at UCT. Later, Hutt would be named "Dean of the Faculty of Commerce."[3]
In his writings on collective bargaining, including his first book, The Theory of Collective Bargaining (1930), Hutt disputed the commonly held position that labor was at a disadvantage in bargaining with employers, an idea which some had used to justify organized violence by trade unions.[4] He also argued against the idea that the labor market consists of a "bilateral monopoly."[3] Hutt argued that Collective Bargaining could lead to mass unemployment and rested on state intervention (for example the British Act of Parliament of 1875), and that picketing was a para military practice that amounted to legalised obstruction of the entrance of a place of business. Although Hutt argued vehemently against what he considered to be injustices committed by trade unions, he did not advocate their outright abolition. According to Australian writer Rafe Champion, Hutt believed that,
- [Unions] had (and have) many useful functions in addition to acting as friendly societies for health and welfare provision. They could help their members to improve their qualifications and locate the best paid work, and they could provide assistance to members subjected to unfair treatment by management.[4]
Hutt later became known as a leading voice in the academic community condemning South African apartheid.[6] He vehemently objected to the policy, arguing in his 1964 critique, The Economics of the Colour Bar, that it was little more than a means by which white labor unions used the government to outlaw black competition.[7] However, he did not support universal equal suffrage, instead arguing that "it would be absolutely essential to renounce the principle of universal suffrage on a common roll and accept some form of weighted franchise."[8]
He was a member of the Mont Pelerin Society and of the Philadelphia Society.[9] Hutt's work has been notably praised by George Selgin and Nobel laureate James M. Buchanan.[3]
In his 1936 book "Economists and the Public" he coined the now famous concept "consumer sovereignty". His papers are archived at the Universidad Francisco Marroquín in Guatemala City.[10]
Books
edit- The Theory of Collective Bargaining (1930)
- Economists and the Public (1936)
- The Theory of Idle Resources (1939)
- Plan for Reconstruction: A Project for Victory in War and Peace (1943)
- Keynesianism Retrospect and Prospect: A Critical Restatement of Basic Economic Principles (1963)
- The Economics of the Colour Bar: A Study of the Economic Origins and Consequences of Racial Segregation in South Africa (1964)
- Politically Impossible...? (1971)
- The Strike-threat System: The Economic Consequences of Collective Bargaining (1973)
- A Rehabilitation of Say's Law (1974)
- Pejovich, Svetozar; Klingaman, David, eds. (1975). Individual Freedom: Selected Works of William H. Hutt. Westport, Connecticut; London, England: Greenwood Press – via Internet Archive.
- The Keynesian Episode: A Reassessment (1979)
Further reading
edit- Maxime Desmarais-Tremblay, 2020. "W.H. Hutt and the conceptualization of consumers' sovereignty." Oxford Economic Papers
References
edit- ^ "William H. Hutt, 89, Professor of Economics". The New York Times. 21 June 1988.
- ^ Jackson, Ben (12 August 2021). "Hutt, William Harold [Bill]". Oxford Dictionary of National Biography (online ed.). Oxford Dictionary of National Biography. doi:10.1093/odnb/9780198614128.013.66989. (Subscription or UK public library membership required.)
- ^ a b c d e Egger, John B. "William Harold Hutt (1899–1988): A Biographical Essay from an Austrian Perspective." Mises.org. [1]
- ^ a b c Champion, Rafe. "The Achievement of William Harold Hutt." [2]
- ^ Hayek, F.A. (1967). "The Transmission of the Ideals of Economic Freedom". Studies in Philosophy, Politics and Economics. London: Routledge & Kegan Paul. p. 197 – via Internet Archive.
- ^ Lewin, Peter. "William Hutt & the Economics of Apartheid." PDF
- ^ Rockwell, Lew. "Three National Treasures." Mises.org. 31 May 2007. [3]
- ^ Hutt, William (Spring 1966). "'Fragile' Constitutions" (PDF). New Individualist Review. 4 (3): 800–802.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 18 January 2012. Retrieved 5 May 2012.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "William H. Hutt's birthday." [4]. 8 August 2005. [5]
External links
edit- "William H. Hutt, 89, Professor of Economics". The New York Times. 21 June 1988.
- Consumers' Sovereignty and Natural vs. Contrived Scarcity
- Works by or about William Harold Hutt at the Internet Archive