For my profile of an economist I will present on David Hume. The format of this presentation will be Power Point.
Hume was part of the Scottish Enlightenment and lived from 1711-1776. Hume strongly opposed mercantilism and advocated for free trade. One of his key discussions revolved around the price-specie flow mechanism. Hume evaluated British policies that minimized imports and maximized exports as a means of accumulating wealth. Understanding the nature of the market, Hume concluded that amassing gold would not make England wealthier: it would just make prices higher. Higher prices would lead to a greater push for imports, so merchants could maximize their profits. Hume deduced that England’s efforts to become wealthier through the accumulation
Hume was part of the Scottish Enlightenment and lived from 1711-1776. Hume strongly opposed mercantilism and advocated for free trade. One of his key discussions revolved around the price-specie flow mechanism. Hume evaluated British policies that minimized imports and maximized exports as a means of accumulating wealth. Understanding the nature of the market, Hume concluded that amassing gold would not make England wealthier: it would just make prices higher. Higher prices would lead to a greater push for imports, so merchants could maximize their profits. Hume deduced that England’s efforts to become wealthier through the accumulation