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He uses, as example, the "ridiculous" behaviour of the ancient Athenian government in banning the export of a certain kind of fig deemed too delicious for mere foreigners, but he goes on to cite similar errors in contemporary England and France, as well. In modern economic terms, that is equilibration through the price-specie flow mechanism. In ...
The total two-part collection appeared within a larger collection of Hume's writings titled Essays and Treatises on Several Subjects. [4] This was a collaborative publication with the important Scottish bookseller Alexander Kincaid, with whom the bookseller Andrew Millar had a lucrative but sometimes difficult relationship.
In practice, however, specie flows during the classical gold standard era failed to exhibit the self-corrective behavior described above. Gold finding its way back from surplus to deficit countries to exploit price differences was a painfully slow process, and central banks found it far more effective to raise or lower domestic price levels by lowering or raising domestic interest rates.
Aside from lopping off entire agencies, here are some examples of controversial federal spending that, based on Musk and Ramaswamy’s recent comments, could be in the line of fire for coming cuts:
Austerity is grounded in liberal economics' view of the state and sovereign debt as deeply problematic. Blyth traces the discourse of austerity back to John Locke's theory of private property and derivative theory of the state, David Hume's ideas about money and the virtue of merchants, and Adam Smith's
President Donald Trump appointed Elon Musk to lead the new Department of Government Efficiency (DOGE) to reduce government spending by up to $2 trillion by July 4, 2026. Read Next: If Trump...
National defense spending is any government spending attributable to the maintenance and strengthening of the United States Armed Forces, including the Army, Navy, Marines, and the Air Force. [15] As of the fiscal year 2019 budget approved by Congress, national defense is the largest discretionary expenditure in the federal budget. [14]
Hume's account of causality has been influential. His first question is how to categorize causal relations. On his view, they belong either to relations of ideas or matters of fact. This distinction is referred to as Hume's fork. [4] Relations of ideas involve necessary connections that are knowable a priori independently of experience.