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The Humean and Smithian Traditions in Monetary Theory

In: Studies in the History of Monetary Theory

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  • David Glasner

Abstract

This chapter discusses four areas of monetary theory on which the ideas of Smith and Hume have left their imprint: (1) the overissue of bank liabilities, (2) the price-specie-flow mechanism (PSFM), (3) the need for a lender of last resort in a competitive banking system, (4) real-bills doctrine and the scope of banking, and (5) rules versus discretion in monetary policy. In each of these cases, the difference between the Humean and Smithian traditions is attributable to their different interpretations of the quantity theory of money and the circumstances under which the quantity theory has empirical relevance.

Suggested Citation

  • David Glasner, 2021. "The Humean and Smithian Traditions in Monetary Theory," Palgrave Studies in the History of Economic Thought, in: Studies in the History of Monetary Theory, chapter 0, pages 155-194, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-030-83426-5_7
    DOI: 10.1007/978-3-030-83426-5_7
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