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 containing the words david and/or hume:
“I delight to come to my bearings,... not to live in this restless, nervous, bustling, trivial Nineteenth Century, but stand or sit thoughtfully while it goes by.”
—Henry David Thoreau (1817–1862)
“The proper office of religion is to regulate the heart of men, humanize their conduct, infuse the spirit of temperance, order, and obedience; and as its operation is silent, and only enforces the motives of morality and justice, it is in danger of being overlooked, and confounded with these other motives.”
—David Hume (1711–1776)