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David Hume (1711–1776): The Natural Allocation of Money

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  • Jan Greitens

    (Johann Wolfgang Goethe-Universität)

Abstract

This chapter analyzes Hume’s nominalist monetary theory and his critique of mercantilism. He defines money as a neutral instrument facilitating exchange, emphasizing its role as a unit of account rather than a commodity. Hume develops a refined Quantity Theory of Money, distinguishing between short-term non-neutrality and long-term neutrality. His Price–Specie Flow Mechanism explains how international imbalances are corrected through price adjustments and money flows. This chapter also highlights Hume’s skepticism toward credit money and banks. Overall, Hume provides a foundational framework for classical monetary theory, combining Quantity Theory with international adjustment mechanisms.

Suggested Citation

  • Jan Greitens, 2026. "David Hume (1711–1776): The Natural Allocation of Money," Springer Studies in the History of Economic Thought,, Springer.
    • Handle: RePEc:spr:spshcp:978-3-032-24113-9_14
    DOI: 10.1007/978-3-032-24113-9_14
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