Capital and Population: Study of the Economic Effects of Their Relation to Each Other (Reprints of economic classics)

Begun as a critique of J.S. Mill, Hawley's first and most important work evolved into a significant original contribution to the theory of the risk-taking entrepreneur as a principal factor of production, and concomitantly, to the risk theory of profit. J.A. Schumpeter admired Hawley's work for its focus on the entrepreneur and appraised it, together with the work of Frank H. Knight, as the most successful development of Mill's element of risk. Hawley also contributed to the theory of underconsumption and took a radical stance towards maldistribution of income. "An original and rigorous thinker, Hawley anticipated much that has since found acceptance in economic theory." Encyclopedia of the Social Sciences