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David Hume and Monetarism

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  • Thomas Mayer

Abstract

Of the twelve characteristics of modern monetarism, five are explicit in Hume's writings: the quantity theory, the Chicago transmission process, private sector stability, the vertical Phillips curve, which Hume originated, and preference for free markets. Two others, irrelevance of allocative detail and focus on the price level as a unit, are implicit. Preference for reduced-form models fits Hume's theory of causation. Preference for stable money growth fits the whole tenor of Hume's discussion. Two propositions on targets and indicators were irrelevant in Hume's day, but Hume rejected the monetarists' strong opposition to inflation.

Suggested Citation

  • Thomas Mayer, 1980. "David Hume and Monetarism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 95(1), pages 89-101.
    • Handle: RePEc:oup:qjecon:v:95:y:1980:i:1:p:89-101.
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    File URL: http://hdl.handle.net/10.2307/1885350
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    Cited by:

    1. Margaret Schabas & Carl Wennerlind, 2011. "Retrospectives: Hume on Money, Commerce, and the Science of Economics," Journal of Economic Perspectives, American Economic Association, vol. 25(3), pages 217-230, Summer.
    2. Madarász, Aladár, 2012. "Adósság, pénz és szabadság [Taxation, money and freedom]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 457-507.
    3. Laurent Le Maux, 2014. "Cantillon And Hume On Money And Banking: The Foundations Of Two Theoretical Traditions," Journal of Economic Surveys, Wiley Blackwell, vol. 28(5), pages 956-970, December.
    4. J. Robert Subrick, 2010. "Money is Non-neutral," Chapters, in: Peter J. Boettke (ed.), Handbook on Contemporary Austrian Economics, chapter 8, Edward Elgar Publishing.
    5. Mark Blaug, 2001. "No History of Ideas, Please, We're Economists," Journal of Economic Perspectives, American Economic Association, vol. 15(1), pages 145-164, Winter.
    6. Kubendran, N., 2020. "Testing the Effectiveness of Johnsonian Approach using India’s Balance of Payments," Romanian Economic Business Review, Romanian-American University, vol. 15(3), pages 61-80, September.
    7. Fonseca, Nino, 1999. "Os Autores Clássicos e o Progresso Económico das Nações: de 1739/54 a 1871/74 [The Classical Authors and the Economic Progress of Nations: from 1739/54 to 1871/74]," MPRA Paper 109700, University Library of Munich, Germany.
    8. Demid Golikov, 2005. "Financial Intermediary In Monetary Economics: An Excerpt," Macroeconomics 0510018, University Library of Munich, Germany.
    9. Thomas M. Humphrey, 1982. "Of Hume, Thornton, the quantity theory, and the Phillips curve," Economic Review, Federal Reserve Bank of Richmond, vol. 68(Nov), pages 13-18.

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