2.1 — David Hume and Adam Smith the Philosopher — Class Content
Overview
Today we discuss Hume and begin Smith.
Readings
Required Readings:
- David Hume, Political Discourses, and Adam Smith (but not WON yet) in Reader
If You Hadn’t Yet:
- Start Ch.4 “Adam Smith” in Landreth & Colander
- Start Ch.2 “Adam Smith” in Blaug
Recommended Readings:
The following Wikipedia entries can also provide more background on these writers and their famous works:
- Econtalk: Dennis Rasmussen on Hume and Smith and The Infidel and the Professor
- Econtalk: Russ Roberts and Mike Munger on How Adam Smith Can Change Your Life
- Roberts, How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness
- David Hume
- Adam Smith
- Theory of Moral Sentiments
Questions to Help Your Reading
- Is David Hume a mercantilist, a Classical economist, or some mix? (Your textbooks seem to disagree!)
- What do Hume and Smith mean by “sentiments?”
- How does Hume approach money? In what ways is his quantity theory of money similar to, and different from, John Locke’s?
- What is Hume’s “price-specie flow mechanism”? How does this connect with a gold standard (or similar commodity-based money)?
- How does Hume criticize mercantilism?
- According to Hume, where does interest come from, and how are interest rates determined? Is it based on the money supply, as some mercantilists supposed?
Slides
Below, you can find the slides in two formats. Clicking the image will bring you to the html version of the slides in a new tab. The lower button will allow you to download a PDF version of the slides.
You can type h to see a special list of viewing options, and type o for an outline view of all the slides.
I suggest printing the slides beforehand and using them to take additional notes in class (not everything is in the slides)!
Assignments
Participation/Discussion Board Posts Due 8 PM Fri Sep 23
This week’s graded discussion is worth 5 points, and can be a combination of discussion in class, and/or posts on the Blackboard Discussion Board by 8 PM this Friday September 23.
Tournament Votes
The first round of the Pre-Classical division of the “Most Interesting Economist in History” tournament is live. Please post your votes in the discussion board.