This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window

Journal of Economic Perspectives: Vol. 25 No. 3 (Summer 2011)

JEP Volume. 25, Issue 3 | leftPrevious ArticleNext Articleright

Expand

Quick Tools:

Print Article Summary Email Link to this Article Export Citation
Sign up for Email Alerts Follow us on Twitter

Explore:

JEP - All Issues


Retrospectives: Hume on Money, Commerce, and the Science of Economics

Article Citation

Schabas, Margaret, and Carl Wennerlind. 2011. "Retrospectives: Hume on Money, Commerce, and the Science of Economics." Journal of Economic Perspectives, 25(3): 217-30.

DOI: 10.1257/jep.25.3.217

Abstract

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.

Article Full-Text Access

Full-text Article (Complimentary)

Authors

Schabas, Margaret (U British Columbia)
Wennerlind, Carl (Barnard College, Columbia U)

JEL Classifications

B41: Economic Methodology
E40: Money and Interest Rates: General
B11: History of Economic Thought: Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
B31: History of Economic Thought: Individuals

Comments

View Comments on This Article (0) | Login to post a comment


Journal of Economic Perspectives



AEA Member Login:


Quick Tools:

Email Link to this Issue

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)

Explore:

JEP - All Issues

AEA Journals

Virtual Field Journals

AEAweb | AEA Journals | Contact Us