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An eighteenth-century view of economic development: Hume and Steuart

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  • Anthony Brewer

Abstract

Despite their differences on other questions, Hume and Steuart had almost identical theories of long-run economic development. In their story, agriculture can produce a surplus of food to support urban manufacturing (and other things), but will not do so unless farmers want to trade the surplus for something. In the early stages of development, the absence of attractive manufactured goods gives no incentive to farmers. Once a taste for 'luxury' emerges, normally stimulated by imports from elsewhere, agriculture and industry expand together. Developments is driven by changing tastes combined with a changing menu of goods on offer.

Suggested Citation

  • Anthony Brewer, 1997. "An eighteenth-century view of economic development: Hume and Steuart," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 4(1), pages 1-22.
    • Handle: RePEc:taf:eujhet:v:4:y:1997:i:1:p:1-22
    DOI: 10.1080/10427719700000017
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    References listed on IDEAS

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    1. Hong-Seok Yang, 1994. "The Political Economy Of Trade And Growth," Books, Edward Elgar Publishing, number 476.
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    Cited by:

    1. Anthony Brewer, 2009. "On the Other (Invisible) Hand..," History of Political Economy, Duke University Press, vol. 41(3), pages 519-543, Fall.
    2. Costas Lapavitsas, 2002. "Banks And The Design Of The Financial System: Underpinnings In Steuart, Smith And Hilferding," Working Papers 128, Department of Economics, SOAS University of London, UK.
    3. José M. Menudo, 2014. "Sir James Steuart on the origins of the exchange economy," Working Papers 14.08, Universidad Pablo de Olavide, Department of Economics.

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    2. Costas Lapavitsas, 2002. "Banks And The Design Of The Financial System: Underpinnings In Steuart, Smith And Hilferding," Working Papers 128, Department of Economics, SOAS University of London, UK.

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