Monetary Theory And Policy From Hume And Smith ... Review

Hume’s primary contribution was the , which he used to dismantle the mercantilist obsession with hoarding gold.

In The Wealth of Nations (1776), Smith focused less on Hume’s international flow mechanism and more on how banking could catalyze economic growth. Monetary Theory and Policy from Hume and Smith to Wicksell Monetary Theory and Policy from Hume and Smith ...

: He famously described money as the "oil which renders the motion of the wheels more smooth," but not part of the wheels themselves. In the long run, doubling the money supply only doubles prices without increasing real wealth. Hume’s primary contribution was the , which he