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L'analyse de la monnaie et de la finance par David Hume. Conventions, promesses, régulations

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  • Ludovic Desmedt

Abstract

Hume?s analysis of economics is generally remembered for one point: its supposedly quantitative approach to money. But the chapters on money and credit only prove truly incisive when replaced within their philosophical corpus. Hume argues that the process of civilization entails a number of fictions allowing individuals to forge a symbolic order. In a market economy, the distinction between money ?which is a convention? and financial liabilities ?assimilated to promises? is crucial. Hume underlines the changes provoked by the emergence of a credit society and insists on the de-structuring aspects of financial relations. This paper reviews the writings (Treatise, Essays, letters), first so as to examine Hume?s logic in addressing the question of monetary and financial obligations. It then examines the potential disruptions these obligations may give rise to, and then the matter of their regulation. Classification JEL : B12, E42, E50, G10, G20, N23

Suggested Citation

  • Ludovic Desmedt, 2008. "L'analyse de la monnaie et de la finance par David Hume. Conventions, promesses, régulations," Revue économique, Presses de Sciences-Po, vol. 59(1), pages 51-73.
    • Handle: RePEc:cai:recosp:reco_591_0051
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    Cited by:

    1. 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.

    More about this item

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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