Cloth $45.00 ISBN: 9780226597447 Published July 2020
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A Philosopher’s Economist

Hume and the Rise of Capitalism

Margaret Schabas and Carl Wennerlind

A Philosopher’s Economist

Margaret Schabas and Carl Wennerlind

328 pages | 1 halftone | 6 x 9 | © 2020
Cloth $45.00 ISBN: 9780226597447 Published July 2020
E-book $10.00 to $45.00 About E-books ISBN: 9780226691251 Published July 2020
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.
Contents
List of Abbreviations and Modifications
Preface

Introduction
Chapter 1. “A Rising Reputation”: Hume’s Lifelong Pursuit of Economics
Chapter 2. “A Cautious Observation of Human Life”: Hume on the Science of Economics
Chapter 3. “A More Virtuous Age”: Hume on Property and Commerce
Chapter 4. “That Indissoluble Chain of Industry, Knowledge, and Humanity”: Hume on Economic and Moral Improvement
Chapter 5. “Little Yellow or White Pieces”: Hume on Money and Banking
Chapter 6. “A Prayer for France”: Hume on International Trade and Public Finance
Chapter 7. “Our Most Excellent Friend”: Hume’s Imprint on Economics
 
Acknowledgments
Notes
Bibliography
Index
Review Quotes
Journal for Eighteenth-Century Studies
“Justice cannot be done to this authoritative and nuanced book in a short review. It balances deep contextualisation with insightful retrospective appraisal.”
Emma Rothschild, Harvard University
“There is at last a comprehensive study of David Hume’s economic writings and his economic life and times. A Philosopher’s Economist is illuminating, surprising, and a pleasure to read.”
Steven Pincus, University of Chicago
“In this engaging and thought-provoking book, Schabas and Wennerlind demonstrate both that David Hume was one of the most important early theorists of capitalism and that economics ‘serves as a unifying thread’ in the philosopher’s life work. This book is essential reading for those interested in the history of capitalism, the Enlightenment, and the age of revolutions. It is also vital to understanding the underpinnings of modern economic debates.”
Don Garrett, New York University
“Fascinating and illuminating. Schabas and Wennerlind trace the principles of economics as a unifying thread for all of Hume’s work. The result is an overdue and highly invigorating work that promises to remain relevant for a long time.”
Paul Oslington | History of Economics Review
"...this is an excellent book and a major contribution to the literature on a topic that was in need of attention. It is one those books that can change our view of the history of economics."
Journal of Economic Methodology
"The book is essentially a review of everything that Hume wrote on economics, organised by topic –economic methodology, property, moral improvement, money, international trade, and public finance. Schabas and Wennerlind are sure-footed guides to this material, attentive to textual detail and to historical context."
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