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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.
The price–specie flow mechanism is a model developed by Scottish economist David Hume (1711–1776) to illustrate how trade imbalances can self-correct and adjust under the gold standard. Hume expounded his argument in Of the Balance of Trade , which he wrote to counter the Mercantilist idea that a nation should strive for a positive balance ...
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:
This article lists countries alphabetically, with total government expenditure as percentage of Gross domestic product (GDP) for the listed countries. Also stated is the government revenue and net lending/borrowing of the government as percentage of GDP. All Data is based on the World Economic Outlook Databook of the International Monetary Fund.
Hume was born on 26 April 1711, as David Home, in a tenement on the north side of Edinburgh's Lawnmarket.He was the second of two sons born to Catherine Home (née Falconer), daughter of Sir David Falconer of Newton, Midlothian and his wife Mary Falconer (née Norvell), [14] and Joseph Home of Chirnside in the County of Berwick, an advocate of Ninewells.
Reduced government spending can reduce gross domestic product (GDP) growth in the short term as government expenditure is itself a component of GDP. In the longer term, reduced government spending can reduce GDP growth if, for example, cuts to education spending leave a country's workforce less able to do high-skilled jobs or if cuts to ...
Followers and interpreters of Hume have sometimes used Hume's dictum as the metaphysical foundation of Hume's theory of causation. On this view, there cannot be any causal relation in a robust sense since this would involve one event necessitating another event, the possibility of which is denied by Hume's dictum. [8] [9]