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

2011 ◽  
Vol 25 (3) ◽  
pp. 217-230 ◽  
Author(s):  
Margaret Schabas ◽  
Carl Wennerlind
Keyword(s):  
Political Economy ◽  
Economic Development ◽  
David Hume ◽  
English Language ◽  
Adam Smith ◽  
Monetary Economics ◽  
Economic Thought ◽  
The Political ◽  
Commercial System ◽  
Political Discourses

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.

THE POLITICAL ECONOMY OF INCLUSION: THE RISE AND FALL OF THE WORKHOUSE SYSTEM

2017 ◽  
Vol 39 (4) ◽  
pp. 453-481 ◽  
Author(s):  
Cosma Orsi
Keyword(s):  
Political Economy ◽  
David Hume ◽  
Adam Smith ◽  
Economic Thought ◽  
The Political ◽  
George Berkeley ◽  
Institutional Reforms ◽  
The Social ◽  
Policy Shift ◽  
The Rose

The aim of this article is to describe the rise and fall of the workhouse system in connection with the developments that took place in economic thought in the transition from mercantilism to the Classical tradition. By examining the economic debate about wages, efficiency, labor market, workers’ mobility, and unemployment, we discuss whether the social policy shift epitomized by institutional reforms like the Gilbert Act (1782), the Rose Act (1793), and the Speenhamland system (1795) was accompanied and eventually inspired by a change in the perception of major political economy issues. In doing so, we review the writings of Jacob Vanderlint (d. 1740), George Berkeley (1685–1753), Malachy Postlethwayt (1707?–1767), Josiah Tucker (1713–1799), David Hume (1711–1776), and Adam Smith (1723-1790), among others. Although a direct influence by these writers cannot be proven, the originality of the present work rests on the effort to put into perspective the arguments elaborated by economic thinkers and the proposals made by social reformers so as to identify possible connections between economic theorizing and social legislation.

Essays of a “comparatively progressive” economist (On the 150th birth anniversary of Vladimir Geleznoff)

2019 ◽  
pp. 135-145
Author(s):  
Viktor A. Popov
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Economic Thought ◽  
History Of Economic Thought ◽  
The Political ◽  
Russian History ◽  
Working Ability ◽  
Intellectual Inquiry ◽  
History Of

Deep comprehension of the advanced economic theory, the talent of lecturer enforced by the outstanding working ability forwarded Vladimir Geleznoff scarcely at the end of his thirties to prepare the publication of “The essays of the political economy” (1898). The subsequent publishing success (8 editions in Russia, the 1918­-year edition in Germany) sufficiently demonstrates that Geleznoff well succeded in meeting the intellectual inquiry of the cross­road epoch of the Russian history and by that taking the worthful place in the history of economic thought in Russia. Being an acknowledged historian of science V. Geleznoff was the first and up to now one of the few to demonstrate the worldwide community of economists the theoretically saturated view of Russian economic thought in its most fruitful period (end of XIX — first quarter of XX century).

The Contributions of the political economy approach: An analysis of Socio-economic development in Indonesia

2020 ◽  
Author(s):  
Falih Suaedi ◽  
Muhmmad Saud
Keyword(s):  
Political Economy ◽  
Economic Development ◽  
Southeast Asia ◽  
Comparative Politics ◽  
Analytical Framework ◽  
The Political ◽  
Developmental Studies ◽  
Socio Economic Development ◽  
Relationship Of ◽  
Political Economy Approach

This article explores in what ways political economy as an analytical framework for developmental studies has contributed to scholarships on Indonesian’s contemporary discourse of development. In doing so, it reviews important scholarly works on Indonesian political and economic development since the 1980s. The argument is that given sharp critiques directed at its conceptual and empirical utility for understanding changes taking place in modern Indonesian polity and society, the political economy approach continues to be a significant tool of research specifically in broader context of comparative politics applied to Indonesia and other countries in Southeast Asia. The focus of this exploration, however, has shifted from the formation of Indonesian bourgeoisie to the reconstitution of bourgeois oligarchy consisting of the alliance between the politico-bureaucratic elite and business families. With this in mind, the parallel relationship of capitalist establishment and the development of the state power in Indonesia is explainable.<br>

The Political Economy of Alcohol

2017 ◽  
Author(s):  
Gerard Sasges
Keyword(s):  
Political Economy ◽  
Economic Development ◽  
New Technologies ◽  
The Political ◽  
New Era ◽  
New Ways Of Working ◽  
Enterprise Groups ◽  
Step Down ◽  
Traditional Industry ◽  
State Protection

When A.R. Fontaine arrived in Tonkin in 1886, he was quick to see the potential of applying new technologies to a traditional industry, and to grasp the importance of state protection for the success of his fledgling enterprise. From modest origins, he built a business empire that included everything from distilleries to coal mines to bicycle factories. Fontaine’s was one of the colonial conglomerates that played a central role in the economy’s “Indochinese moment,” introducing new technologies and familiarizing Indochinese with new ways of working, consuming and being. However, the downturn that began in Indochina in 1928 exposed the weakness of many of these enterprise groups. When A.R. Fontaine was forced to step down as President of the SFDIC in 1932, it signified the start of a new era of economic development directed not from Hanoi or Saigon, but rather from Paris.

David Hume’s Balancing Act: The Political Discourses and the Sinews of War

2020 ◽  
pp. 1-13
Author(s):  
DANIELLE CHARETTE
Keyword(s):  
International Relations ◽  
David Hume ◽  
International Political Economy ◽  
Balance Of Power ◽  
The Other ◽  
The Political ◽  
Economic Approach ◽  
Power Politics ◽  
Political Discourses ◽  
Balance Of Trade

Both champions and critics of “neorealism” in contemporary international relations misinterpret David Hume as an early spokesman for a universal and scientific balance-of-power theory. This article instead treats Hume’s “Of the Balance of Power,” alongside the other essays in his Political Discourses (1752), as conceptual resources for a historically inflected analysis of state balancing. Hume’s defense of the balance of power cannot be divorced from his critique of commercial warfare in “Of the Balance of Trade” and “Of the Jealousy of Trade.” To better appreciate Hume’s historical and economic approach to foreign policy, this article places Hume in conversation with Machiavelli, Guicciardini, Andrew Fletcher, and Montesquieu. International relations scholars suspicious of static paradigms should reconsider Hume’s genealogy of the balance of power, which differs from the standard liberal and neorealist accounts. Well before International Political Economy developed as a formal subdiscipline, Hume was conceptually treating economics and power politics in tandem.

scholarly journals Socialist political economy with Chinese characteristics in a new era

2020 ◽  
Vol 3 (2) ◽  
pp. 307-325
Author(s):  
Yinxing Hong
Keyword(s):  
Political Economy ◽  
Economic Development ◽  
Economic System ◽  
The Political ◽  
Content Type ◽  
New Era ◽  
Economic Operation ◽  
Theoretical System ◽  
Chinese Characteristics ◽  
Level Analysis

PurposeThe socialist political economy with Chinese characteristics reflects the characteristics of ushering into a new era, and the research object thereof shifts to productive forces. Emancipating and developing productive forces and achieving common prosperity become the main theme. Wealth supersedes value as the fundamental category of economic analysis.Design/methodology/approachThe theoretical system of socialist political economy with Chinese characteristics cannot proceed from transcendental theories but is problem-oriented. Leading problems involve development stages and research-level problems.FindingsThe economic operation analysis is subject to the goal of optimal allocation of resources with micro-level analysis focused on efficiency and macro-level analysis focused on economic growth and macroeconomic stability also known as economic security. The economic development analysis explores the laws of development and related development concepts in compliance with laws of productive forces. The new development concepts i.e. the innovative coordinated green open and shared development drive the innovation of development theory in political economy.Originality/valueAccordingly, the political economy cannot study the system only, but also needs to study the problems of economic operation and economic development. Therefore, the theoretical system of the political economy tends to encompass three major parts, namely economic system, economic operation and economic development (including foreign economy). The basic economic system analysis needs to understand the relationship between public ownership and non-public ownership, between distribution according to work and factor payments, and between socialism and market economy from the perspective of coexistence theory, thus transforming institutional advantage into governance advantage.

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