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Article

David Hume and Modern Economics

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Citation

Dow S (2009) David Hume and Modern Economics. Capitalism and Society, 4 (1). https://doi.org/10.2202/1932-0213.1049

Abstract
Hume¡¯s contribution to modern economics is normally thought of in terms of his early statement of the quantity theory of money, and to a lesser extent his views on trade and development. At a methodological level the influence from his empiricism is commonly traced to the development of econometrics. But if we explore his philosophy more fully, we find a much richer set of ideas which can illuminate the way we approach issues in modern economics. Here therefore we explore Hume¡¯s theory of human nature and his theory of knowledge in order to understand how he viewed economic behaviour as inherently bound up in other aspects of life. From this follows a perspective on the relations between economics and other disciplines (notably history, sociology and psychology) which may inform current explorations of these relations. This reading of Hume¡¯s approach to economics is illustrated by revisiting his theories of money and growth, and his approach to empiricism. Hume holds the potential for a much richer contribution to modern economics than is normally understood.

Keywords
David Hume; Hume, David, 1711-1776 Influence; Economics

Journal
Capitalism and Society: Volume 4, Issue 1

StatusPublished
Publication date31/01/2009
Publication date online28/02/2012
URL
PublisherBerkeley Electronic Press
eISSN1932-0213

People (1)

Professor Sheila Dow

Professor Sheila Dow

Emeritus Professor, Economics

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