CHAPTER 26
Parkinson, Webbs, Von Mises and
Hobson:
Insights into Economic Theories
There are several other economic philosophers who have
much to say about economic theory and will be included in this
chapter. However, since much of what they have to contribute
has been covered, in large measure, in the previous chapters, we
will treat only their most important or unique ideas, rather than
survey their comprehensive analysis. These philosophers are C.
Northcote Parkinson, Beatrice and Sidney Webb, Ludwig Von
Mises and John A. Hobson.C. Northcote Parkinson (1909-)
C. Northcote Parkinson was an English historian and author.
He cannot be considered an economic philosopher by any
ordinary standard; his economic writings are humorous satires
on business and governmental management systems. It is in his
humor that his contribution to economics is important. Humor
often deals with human nature, and we laugh easily when human
foibles are exposed for our examination. Parkinson, in his book,
Parkinson’s Law, and other works in the same genre, tells us
much about human nature and its effects on government and
corporate institutions.
Parkinson’s Law is, simply stated, “work expands to meet the
time allotted for its completion.” Parkinson demonstrates this
truth with a story about a retired old lady who spends an entire
afternoon writing a postcard. The importance of this humorous
tale, with the seeming foolishness of the old lady, is that it is a
commentary on us all. The teacher who assigns a paper knows
full well that if the students are given two weeks or a month to
complete it, the bulk of the work will be done the weekend before
it is due. Those who run meetings know that if there is a time
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