Retrospectives

Hume on Money, Commerce, and the Science of Economics

Datos Bibliográficos

ID4029979
AutoresMargaret Schabas (Professor of Philosophy, University of British Columbia, Vancouver, Canada.), Carl Wennerlind (Assistant Professor of History, Barnard College, Columbia University, New York City, New York.)
Año2011
Volumen25
Número3
Páginas217-230
Fecha de publicación2011-08-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaThe Journal of Economic Perspectives (JOURNAL)
Identificadores de la revistaISSN: 0895-3309 • E-ISSN: 1944-7965
EditorialAmerican Economic Association (PUBLISHER • US)
DOI10.1257/jep.25.3.217
OpenAlexW2058428090
IdiomaEN
Citas recibidas4
Referencias citadas28

David Hume (1711-1776) is arguably the most esteemed philosopher to have written in the English language. During his lifetime, however, Hume was as well if not better known for his contributions to political economy, particularly for the essays published as the Political Discourses (1752). Hume left his mark on the economic thought of the physiocrats, the classical economists, and the American Federalists. Adam Smith, who met Hume circa 1750, was his closest friend and interlocutor for some 25 years. Among modern economists, Hume's essays on money and trade have informed theorists of both Keynesian and Monetarist persuasions. In this essay, we begin by discussing Hume's monetary economics, and then spell out his theory of economic development, noting his qualified enthusiasm for the modern commercial system. We end with an assessment of his views on the scientific standing of economics, specifically his counterintuitive argument that economics could be epistemologically superior to physics

Adam smith · Classical economics · Counterintuitive · Economic science · Economic Thought · Economics · Enthusiasm · Epistemology · Keynesian economics · Monetarism · Monetary policy · Neoclassical economics · Political science · Politics · Positive economics · Quantity theory of money · Spell · Economic theories and models · Economic Theory and Institutions · Economic Theory and Policy · Law · Philosophy