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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 content of this part largely covers political and aesthetic issues. Part II includes the essays from Political Discourses, [3] most of which develop economic themes. The total two-part collection appeared within a larger collection of Hume's writings titled Essays and Treatises on Several Subjects. [4]
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 ...
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.
In terms of economic policy, the classical economists were pragmatic liberals, advocating the freedom of the market, though they saw a role for the state in providing for the common good. Smith acknowledged that there were areas where the market is not the best way to serve the common interest, and he took it as a given that the greater ...
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:
By definition, a government budget deficit must exist so all three net to zero: for example, the U.S. government budget deficit in 2011 was approximately 10% of GDP (8.6% of GDP of which was federal), offsetting a foreign financial surplus of 4% of GDP and a private-sector surplus of 6% of GDP.