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David Hume (1711-1776) and James Steuart (1712-1780) (Hardcover)
Loot Price: R5,328
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David Hume (1711-1776) and James Steuart (1712-1780) (Hardcover)
Series: Pioneers in Economics series
Expected to ship within 12 - 17 working days
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David Hume is best known for his work on political philosophy.
However, he wrote a series of essays on money, population and
international trade which must rank among the major economic
writings of the 18th century. Certainly they influenced Adam Smith
and have a sparkling quality that still makes them worth reading
today. His statement of the so-called 'specie-flow mechanism'
constituted his answer to the mercantilist concern with the
maintenance of a chronic surplus in the balance of payments. He
also put forward what is now known as the 'theory of creeping
inflation' and advocated the notion that political freedom flows
from economic freedom. James Steuart was a British mercantilist,
the last in a long line stretching back to the 16th century. He
advocated the entire armoury of mercantilist policies: the
regulation of foreign trade to induce an inflow of gold, the
promotion of industry by inducing cheap raw material imports,
protective duties on imported manufactured goods, encouragement of
exports, particularly finished goods because they are
labour-intensive, control of the size of population by emigration
and immigration to keep wages low, all capped by a denial of Hume's
argument that an inflow of gold will only raise prices and thus
drive gold abroad.
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