David Hume's Of The Balance Of Trade

Superior Essays
When studying any form of history, it is necessary to assess all of the sources, whether they be primary or secondary, in order to receive a better evaluation of the credibility and information provided in the text. It is important to study primary sources in history because they can be directly related to the topic and time period that you are addressing and, when thoroughly studying the author, the intent, and background information, you can have a firsthand experience compared to a textbooks reiteration. More specifically, many primary sources were created during the Enlightenment, where European philosophy, religion, politics, science, and economics were drastically modernized. These primary sources allowed many individuals to truly understand what the thought process was of the those during the 18th century …show more content…
He addresses the issues in historical context by saying that the worrying and hesitation of the nations to participate in trade is imprudent because the balance of trade will bring a good proportion to the wealth and productivity of the countries. These new ideas were directly inspired by the Enlightenment and other philosophers, but Hume presents his own ideas that many of his audience listened and approved of. Since Hume’s essay is a primary source, it is important to deeply analyze it because primary sources are firsthand experiences that are the closest we will get to the actual event. Therefore, the studying and critiquing of the paper can allow one to understand and appreciate the origin of the event or ideas the paper presents on. In a world where individuals automatically agree with the first idea that is obtainable to them, it is necessary to look deeper into the topic and acknowledge that without analyzation of the sources we are given, we cannot fully comprehend the

Related Documents

  • Improved Essays

    Schumpeter And Capitalism

    • 885 Words
    • 4 Pages

    Entrepreneurship profit is impermanent because of the market competition and imitation. Schumpeter explained the importance of interest. Entrepreneurs were willing to paid the loan with interest as they would utilize the loan to establish a new industries and products, as well as developing the new technology. Schumpeter explained the concept of men of action which referred to the elites in the society with initiative. The elites established the economic development because they took the initiate to allocate the resources efficiently.…

    • 885 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    The author has a fair view about the topic “The Myth of Natural Monopoly”, because he explained and presents different views of Economist. Even there is an argument about competition because of the rivalry present in the market. I’m interested in this article because it allows us to understand how and when Natural Monopolies originated, it shows us the History how it started and who are the influential people who are brilliant in the world of…

    • 797 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    STEM Jobs In America

    • 1737 Words
    • 7 Pages

    While this is a temporary fix, it makes our country reliant on other countries for something that can easily be done by educating our citizens. Businesses with selfish motives blame the education system for the majority STEM problems, when in reality they are also a part of the problem. Because of the nature of the three original reports, the public was led to believe that there is a STEM shortage; while there is no shortage, America should continue to use H-1B visas to save money until the education system finds a way to produce a higher quality STEM supply, lessening the demand and the need to pay S&E workers high…

    • 1737 Words
    • 7 Pages
    Great Essays
  • Improved Essays

    In The Wealth of Nations, Adam Smith describes a modern and efficient economy as one in which citizens have specialized skills that they are able to exchange for goods and services from others. Smith’s writings on this topic contributed to his title as the “Father of Modern Economics”, however, in addition to economics, Smith also wrote extensively about morality. The Theory of Moral Sentiments begins with a description of sympathy and how it contributes to a morally just society. It is evident from these two works that Smith aimed for society to have relatively unified moral and economic visions. However, modern society has not lived up to the standards put forth by Smith, largely because his ideas were questioned and then pushed aside through…

    • 917 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    His success in scenario planning enabled the Royal Dutch/Shell oil giant to anticipate both of these oil catastrophes. Why scenarios Pierre Wack agreed that straightforward forecasts may be very accurate, however he believed that is why they are dangerous. As Peter Drucker said, “The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic.” (Harvard Business Review,…

    • 974 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    However, in chapter six I found that Wheelan did a good job of debunking this “labor fallacy”. From Wheelan’s explanation, I learned that every new job does not necessarily come at the expense of a job lost somewhere else. When new people enter the workforce, they create new demand within the economy thereby creating demand for other new jobs. This helped me to be able to better understand and explain why immigration can be a benefit to the job market rather than a detriment to American…

    • 707 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    International trade no matter if it is exporting or importing is supposed to be beneficial for everyone even if there are winners and losers. However, government intervention can affect the results. These things at this moment are quiet important when talking about trade because the 2016 presidential nominees and their stance on trade can change future international trade for the…

    • 960 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Getting to know different cultures can demonstrate positive outcomes. So that said, learning about different cultures can be done in several ways such as for traveling into different countries, research about a different culture etc. However, taking the example of leaving in the United States, it is very effortless to get to know a different culture by the fact that, America is fulfilled with migrators. Many of them came for a better life and so called live the American Dream. However, part of the American dream implies to obtain an education, become a professional and then apply your knowledge into the benefit of our society and sometimes some foreign norms and customs could benefit our expansion.…

    • 984 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    Pros And Cons Of A Dbq

    • 1128 Words
    • 5 Pages

    In comparison to AP European DBQs, both European and U.S. history essays must be particularly persuasive and require a strong and convincing thesis. Both essays must also group all of the related documents together and explain and assess them. In contrast, the European DBQs revolve around the documents and require point of views, inside to the author’s perspective of their document. On the other hand, the U.S. history essays revolve around outside information and allow point of views as one of…

    • 1128 Words
    • 5 Pages
    Great Essays
  • Great Essays

    Therefore, humanities make people and finances more valuable because it teaches critical thoughts which are important in every job. Ethos is used because Kristof has read Zakaria’s book and believes it is truthful as he reflects that he personally should have taken some humanity courses. Secondly Lawerence Katz an economist has noted that the desire of having workers with only technical skills is decreasing. But the desire of the workforce having a combination of technical and humanity skills is increasing. Furthermore, investing into humanity skills is increases people 's lives and finances as it allows flexibility in career choices.…

    • 1187 Words
    • 5 Pages
    Great Essays