Carl Wennerlind

Philip J. Stern

Political Economy in Early Modern Britain and Its Empire

Mercantilism Reimagined

Margaret Schabas

Reconsiders the centrality and legacy of Hume’s economic thought and serves as an important springboard for reflections on the philosophical underpinnings of economics. Although David Hume’s contributions to philosophy are firmly established, his economics has been largely overlooked. A Philosopher’s Economist offers the definitive account of Hume’s “worldly philosophy” and argues that economics was a central preoccupation of his life and work. Margaret Schabas and Carl Wennerlind show that Hume made important contributions to the science of economics, notably on money, trade, and public finance. Hume’s astute understanding of human behavior provided an important foundation for his economics and proved essential to his analysis of the ethical and political dimensions of capitalism. Hume also linked his economic theory with policy recommendations and sought to influence people in power. While in favor of the modern commercial world, believing that it had and would continue to raise standards of living, promote peaceful relations, and foster moral refinement, Hume was not an unqualified enthusiast. He recognized many of the underlying injustices of capitalism, its tendencies to promote avarice and inequality, as well as its potential for political instability and absolutism. Hume’s imprint on modern economics is profound and far-reaching, whether through his close friend Adam Smith or later admirers such as John Maynard Keynes and Friedrich Hayek. Schabas and Wennerlind’s book compels us to reconsider the centrality and legacy of Hume’s economic thought—for both his time and ours—and thus serves as an important springboard for reflections on the philosophical underpinnings of economics.

Hume and the Rise of Capitalism

A Philosopher's Economist

Although David Hume’s contributions to philosophy are firmly established, his economics has been largely overlooked. A Philosopher’s Economist offers the definitive account of Hume’s “worldly philosophy” and argues that economics was a central preoccupation of his life and work. Margaret Schabas and Carl Wennerlind show that Hume made important contributions to the science of economics, notably on money, trade, and public finance. Hume’s astute understanding of human behavior provided an important foundation for his economics and proved essential to his analysis of the ethical and political dimensions of capitalism. Hume also linked his economic theory with policy recommendations and sought to influence people in power. While in favor of the modern commercial world, believing that it had and would continue to raise standards of living, promote peaceful relations, and foster moral refinement, Hume was not an unqualified enthusiast. He recognized many of the underlying injustices of capitalism, its tendencies to promote avarice and inequality, as well as its potential for political instability and absolutism. Hume’s imprint on modern economics is profound and far reaching, whether through his close friend Adam Smith or later admirers such as John Maynard Keynes and Friedrich Hayek. Schabas and Wennerlind’s book compels us to reconsider the centrality and legacy of Hume’s economic thought—for both his time and ours—and thus serves as an important springboard for reflections on the philosophical underpinnings of economics.

"A Rising Reputation": Hume's Lifelong Pursuit of Economics -- "A Cautious Observation of Human Life": Hume on the Science of Economics -- "A More Virtuous Age": Hume on Property and Commerce -- "That Indissoluble Chain of Industry, Knowledge, and Humanity": Hume on Economic and Moral Improvement -- "Little Yellow or White Pieces": Hume on Money and Banking -- "A Prayer for France": Hume on International Trade and Public Finance -- "Our Most Excellent Friend": Hume's Imprint on Economics.

Hume’s Political Discourses (1752) won immediate acclaim and positioned him as an authoritative figure on the subject of political economy. This volume of thirteen new essays definitively establishes the central place of political economy in Hume’s intellectual endeavor, as well as the profound and far-reaching influence of his theories on Enlightenment discourse and practice. A major strength of this collection is that the contributors come from a diverse set of fields – philosophy, economics, political science, history and literature. This promotes a comprehensive reading of Hume’s political economy, taking into account his entire set of writings and correspondence, in a way that captures 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 grappled 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 a key resource for students and researchers in the areas of economic and political philosophy, history of economic and political theory, and the history of ideas.

Carl Wennerlind

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