David Hume
Main article: David HumeDavid Hume (1711–1776) agreed with North's philosophy and denounced mercantile assumptions. His contributions were set down in Political Discourses (1752), later consolidated in his Essays, Moral, Political, Literary (1777). Added to the fact that it was undesirable to strive for a favourable balance of trade it is, said Hume, in any case impossible.
Hume held that any surplus of exports that might be achieved would be paid for by imports of gold and silver. This would increase the money supply, causing prices to rise. That in turn would cause a decline in exports until the balance with imports is restored.
Read more about this topic: History Of Economic Thought, British Enlightenment
Famous quotes by david hume:
“Several moralists have recommended it as an excellent method of becoming acquainted with our own hearts, and knowing our progress in virtue, to recollect our dreams in a morning, and examine them with the same rigour that we would our most serious and most deliberate actions.”
—David Hume (1711–1776)