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David Hume’s Political Economy Hume’s Political Discourses (1752) won immediate acclaim and positioned himasanauthoritativefigureonthesubjectofpoliticaleconomy.Thisvolume of thirteen new essays definitively establishes the central place of political economy in Hume’s life andwork, aswell as the profound and far-reaching influence of his theories on Enlightenment discourse and practice. A major strengthofthiscollectionisthatthecontributorscomefromadiversesetof fields – philosophy, economics, political science, history and literature. This promotesacomprehensivereadingofHume’spoliticaleconomy,takinginto accounthisentiresetofwritingsandcorrespondence,inawaythatcaptures his polymathic genius. Hume’s analyses of trade and commerce not only delve into the institutions of money and markets, but also human agency, the role of reason and the passions, manners and social mores. Hume sought general principles but also concrete applications, whether he grap- pled with the problem of economic development (Scotland and Ireland), with the debates on luxury consumption (France), or with the mounting public debt (England). This book is an important resource for students and researchers in the areasofeconomicandpoliticalphilosophy,historyofeconomicandpolitical theory, and the historyof ideas. Carl Wennerlind is Assistant Professor of History at Barnard College. Margaret Schabas is Professor of Philosophy at the University of British Columbia. Routledge Studies in the History of Economics 1 Economicsas Literature 9The EconomicsofW. S.Jevons WillieHenderson SandraPeart 2Socialism andMarginalismin 10Gandhi’sEconomicThought Economics1870–1930 AjitK.Dasgupta Edited byIan Steedman 11EquilibriumandEconomicTheory 3Hayek’sPolitical Economy EditedbyGiovanniCaravale Thesocio-economics oforder SteveFleetwood 12AustrianEconomicsinDebate EditedbyWillemKeizer,BertTieben 4OntheOriginsofClassicalEconomics andRudyvanZijp Distributionandvaluefrom William Petty toAdamSmith 13AncientEconomicThought TonyAspromourgos EditedbyB.B.Price 5TheEconomicsofJoanRobinson 14ThePolitical EconomyofSocial Edited byMariaCristinaMarcuzzo, CreditandGuildSocialism LuigiPasinettiandAlesandroRoncaglia FrancesHutchinsonandBrianBurkitt 6TheEvolutionistEconomicsofLe´on 15EconomicCareers Walras EconomicsandeconomistsinBritain AlbertJolink 1930–70 Keith Tribe 7Keynesandthe‘Classics’ Astudyin language,epistemology 16 Understanding ‘Classical’ andmistakenidentities Economics Michel Verdon Studiesin thelong-periodtheory HeinzKurzandNeriSalvadori 8TheHistoryofGameTheory,Vol1 Fromthebeginningsto1945 17HistoryofEnvironmentalEconomic RobertW.Dimandand Thought Mary AnnDimand E.Kula 18EconomicThoughtinCommunist 28TheCanonintheHistoryof andPost-Communist Europe Economics Edited byHans-Ju¨rgenWagener Criticalessays EditedbyMichalisPsalidopoulos 19Studies intheHistoryofFrench PoliticalEconomy 29MoneyandGrowth FromBodin toWalras Selectedpapersof AllynAbbott Edited byGilbertFaccarello Young EditedbyPerryG.Mehrlingand 20TheEconomicsofJohnRae RogerJ.Sandilands Edited byO.F.Hamouda,C.Lee andD.Mair 30TheSocialEconomicsofJean- BaptisteSay 21KeynesandtheNeoclassical Marketsandvirtue Synthesis EvelynL.Forget Einsteinianversus Newtonian macroeconomics 31TheFoundationsofLaissez-Faire Teodoro DarioTogati TheeconomicsofPierrede Boisguilbert 22Historical Perspectiveson GilbertFaccarello Macroeconomics Sixty years after the ‘General 32JohnRuskin’sPolitical Theory’ Economy Edited byPhilippe Fontaine WillieHenderson andAlbertJolink 33ContributionstotheHistoryof 23TheFoundingofInstitutional EconomicThought Economics Essaysin honourofR.D.C.Black Theleisureclassandsovereignty EditedbyAntoinE. Murphy Edited byWarrenJ.Samuels andReneePrendergast 24EvolutionofAustrianEconomics 34TowardsanUnknownMarx FromMenger toLachmann Acommentaryonthemanuscriptsof SandyeGloria 1861–63 EnriqueDussel 25Marx’sConceptofMoney:TheGod ofCommodities 35EconomicsandInterdisciplinary AnitraNelson Exchange EditedbyGuidoErreygers 26TheEconomicsofJamesSteuart Edited byRamo´nTortajada 36EconomicsastheArtofThought Essaysin memoryofG.L.S. 27TheDevelopmentofEconomicsin Shackle Europesince1945 EditedbyStephenF.FrowenandPeter Edited byA.W.BobCoats Earl 37TheDecline ofRicardianEconomics 46Pareto,EconomicsandSociety Politics andeconomicsin post- Themechanicalanalogy Ricardiantheory MichaelMcLure SusanPashkoff 47TheCambridgeControversies in 38Piero Sraffa CapitalTheory Hislife,thoughtandculturalheritage Astudyinthelogicoftheory AlessandroRoncaglia development JackBirner 39EquilibriumandDisequilibriumin EconomicTheory 48EconomicsBroadlyConsidered TheMarshall–Walrasdivide Essaysin honourofWarrenJ. Michel deVroey Samuels EditedbyStevenG.Medema, 40TheGermanHistorical School JeffBiddle andJohnB.Davis Thehistoricalandethicalapproach toeconomics 49Physicians andPoliticalEconomy Edited byYuichiShionoya Sixstudiesof theworkofdoctor- economists 41ReflectionsontheClassicalCanonin EditedbyPeter Groenewegen Economics Essays in honour of Samuel 50TheSpreadofPoliticalEconomyand Hollander theProfessionalisationof Edited bySandraPeart Economists andEvelynForget Economicsocieties inEurope, AmericaandJapaninthe nineteenth 42Piero Sraffa’sPolitical Economy century Acentenaryestimate MassimoAugelloandMarcoGuidi Edited byTerenzio Cozzi andRobertoMarchionatti 51Historians ofEconomicsand EconomicThought 43TheContributionofJoseph Theconstructionofdisciplinary SchumpetertoEconomics memory Economicdevelopmentand Steven G. Medema, and Warren J. institutional change Samuels RichardArenaandCecileDangel 52CompetingEconomicTheories 44On theDevelopmentofLong-run EssaysinmemoryofGiovanniCravale Neo-ClassicalTheory SergioNistico` andDomenico Tosato TomKompas 53EconomicThoughtandPolicyin 45F.A.HayekasaPoliticalEconomist LessDevelopedEurope Economicanalysisandvalues Thenineteenthcentury Edited byJackBirner,Pierre EditedbyMichalisPsalidopoulosand Garrouste andThierryAimar Maria-EugeniaAlmedia Mata 54FamilyFictions andFamily 63ClassicalEconomicsand Facts ModernTheory HarrietMartineau,Adolphe Studiesin long-periodanalysis Queteletandthepopulationquestion HeinzD. KurzandNeriSalvadori inEngland1798–1859 Brian Cooper 64ABibliographyofFemale Economic Thoughtto1940 55Eighteeth-Century Economics KirstenK.Madden,JanetA.Sietz PeterGroenewegen andMichele Pujol 56TheRiseofPoliticalEconomyinthe 65Economics,Economistsand ScottishEnlightenment Expectations Edited byTatsuyaSakamoto Frommicrofoundationsto andHideoTanaka macroeconomics WarrenYoung,RobertLeeson 57Classics andModernsinEconomics, andWilliam DarityJnr. Volume I Essaysonnineteenthandtwentieth 66ThePolitical EconomyofPublic centuryeconomic thought FinanceinBritain,1767–1873 PeterGroenewegen TakuoDome 58Classics andModernsinEconomics, 67EssaysintheHistoryofEconomics Volume II Warren J. Samuels, Willie Essaysonnineteenthandtwentieth Henderson, Kirk D. Johnson centuryeconomic thought and Marianne Johnson PeterGroenewegen 68HistoryandPolitical Economy 59Marshall’s Evolutionary Essays in honour of P. D. Groenewegen Economics EditedbyTonyAspromourgos Tiziano Raffaelli andJohnLodewijks 60Money,TimeandRationalityinMax 69TheTraditionofFreeTrade Weber LarsMagnusson Austrianconnections StephenD.Parsons 70EvolutionoftheMarketProcess Austrian andSwedisheconomics 61Classical Macroeconomics EditedbyMichelBellet, Somemodernvariationsand SandyeGloria-Palermo distortions andAbdallahZouache JamesC.W.Ahiakpor 71Consumptionas anInvestment 62TheHistorical SchoolofEconomics ThefearofgoodsfromHesiodto inEnglandandJapan AdamSmith TamotsuNishizawa CosimoPerrotta 72Jean-BaptisteSayandthe 81CivilHappiness Classical CanoninEconomics Economicsandhuman flourishingin TheBritishconnectionin historicalperspective Frenchclassicism LuiginoBruni Samuel Hollander 82NewVoices onAdamSmith 73KnutWicksell onPoverty EditedbyLeonidasMontes Noplaceistooexalted andEric Schliesser KnutWicksell 83MakingChicagoPriceTheory 74Economists inCambridge MiltonFriedman–GeorgeStigler Astudythrough their correspondence,1945–57 correspondence1907–46 EditedbyJ.DanielHammond Edited byM.C.Marcuzzo andClaireH. Hammond andA.Rosselli 84William StanleyJevons 75TheExperiment intheHistoryof andtheCuttingEdgeof Economics Economics Edited byPhilippe Fontaine BertMosselmans andRobertLeonard 85AHistoryofEconometrics 76AttheOriginsofMathematical inFrance Economics Fromnatureto models TheEconomics ofA.N.Isnard PhilippeLeGall (1748–1803) RichardvandenBerg 86MoneyandMarkets Adoctrinalapproach 77MoneyandExchange EditedbyAlbertoGiacomin Folktalesandreality andMariaCristinaMarcuzzo SasanFayazmanesh 87Considerationsonthe 78EconomicDevelopmentand FundamentalPrinciples ofPure SocialChange Political Economy Historical roots and modern VilfredoPareto(EditedbyRoberto perspectives Marchionatti andFiorenzoMornati) GeorgeStathakisandGianniVaggi 88TheYearsofHigh Econometrics 79EthicalCodesandIncomeDistribution Ashorthistoryof thegeneration Astudyof JohnBatesClarkand thatreinventedeconomics ThorsteinVeblen FranciscoLouc¸a˜ Guglielmo ForgesDavanzati 89 David Hume’s Political 80EvaluatingAdamSmith Economy Creatingthewealthofnations EditedbyCarlWennerlindand WillieHenderson MargaretSchabas David Hume’s Political Economy Edited by Carl Wennerlind and Margaret Schabas Firstpublished2008 byRoutledge 2ParkSquare,MiltonPark,Abingdon,OX144RN SimultaneouslypublishedintheUSAandCanada byRoutledge 270MadisonAve,NewYork,10016 This edition published in the Taylor & Francis e-Library, 2007. “To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk.” RoutledgeisanimprintoftheTaylor&FrancisGroup,aninformabusiness #2008Selectionandeditorialmatter,CarlWennerlindandMargaret Schabas;individualchapters,thecontributors Allrightsreserved.Nopartofthisbookmaybereprintedorreproduced orutilisedinanyformorbyanyelectronic,mechanical,orothermeans, nowknownorhereafterinvented,includingphotocopyingandrecording, orinanyinformationstorageorretrievalsystem,withoutpermissionin writingfromthepublishers. BritishLibraryCataloguinginPublicationData AcataloguerecordforthisbookisavailablefromtheBritishLibrary LibraryofCongressCataloginginPublicationData Acatalogrecordforthisbookhasbeenrequested ISBN 0-203-32447-1 Master e-book ISBN ISBN13:978-0-415-32001-6(hbk) ISBN13:978-0-203-32447-9(ebk) Contents Author Biographies xi Introduction 1 CARLWENNERLINDANDMARGARETSCHABAS 1 TheScottishContextsforDavid Hume’s Political-Economic Thinking 10 ROGERL.EMERSON 2 The Emergence of David Hume as a Political Economist: A Biographical Sketch 31 IANSIMPSONROSS 3 Hume and Superfluous Value (or the Problem with Epictetus’ Slippers) 49 CHRISTOPHERJ.BERRY 4 Manners and Morals: David Hume on Civility, Commerce, and the Social Construction of Difference 65 RICHARDBOYD 5 Hume’s Framework for a Natural History of the Passions 86 TILLGRU¨NE-YANOFFANDEDWARDF.McCLENNEN 6 An Artificial Virtue and the Oil of Commerce: A Synthetic Viewof Hume’s Theoryof Money 105 CARLWENNERLIND 7 Temporal Dimensions in Hume’s Monetary Theory 127 MARGARETSCHABAS 8 Fiction or Counterfeit? David Hume’s Interpretations of Paper and Metallic Money 146 C.GEORGECAFFENTZIS
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