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- W4312457961 abstract "Abstract As a leading contributor to monetary theory, Hume articulated the essential properties of money as a medium of exchange and locus of trust. Money arose from uncoordinated exchanges, but once established, Hume believed, operated according to its own intrinsic laws. He employed the quantity theory of money and the specie-flow mechanism to motivate these laws, for example that each nation would tend to attract the optimal quantity of money required to service its trade. Hume adhered to the neutrality of money in his thought experiments, but recognized that when the actual quantity of money is increased, it has the potential to stimulate economic expansion via an intensification of labor and the income multiplier. His account of the evolution of money also attended to the advent of new credit instruments and innovations in banking. Hume’s policy-advice on the issuance of paper money, debasement, and hoarding, for the most part, adhered to the ideals of laissez faire. His analysis is subtle and wide-ranging, covering short-run and long-run monetary adjustments, domestic and international money flows, and public and private currencies. He also posited the tendency for interest rates and profits both to converge and to decline over time, as capitalism became dominant." @default.
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- W4312457961 date "2020-01-01" @default.
- W4312457961 modified "2023-09-26" @default.
- W4312457961 title "Chapter 5. “Little Yellow or White Pieces”" @default.
- W4312457961 doi "https://doi.org/10.7208/chicago/9780226691251.003.0006" @default.
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