The article is an introduction to the use of the principle of falsification in economic science. It is shown what difficulties the named criterion of demarcation encounters when trying to introduce it into humanitarian knowledge. The specificity of economic knowledge itself, which makes it difficult to use the principle of falsification, is explicated.

Information of high evidentiary quality plays a crucial role in forensic investigations. Research shows that information provided by witnesses and victims often provide major leads to an inquiry. As such, statements should be obtained in the shortest possible time following an incident. However, this is not achieved in many incidents due to demands on resources. This intersectional study examined the effectiveness of a chatbot (the AICI), that uses artificial intelligence (AI) and a cognitive interview (CI) to help record statements following (...) an incident. After viewing a sexual harassment video, the present study tested recall accuracy in participants using AICI compared to other tools (i.e., Free Recall, CI Questionnaire, and CI Basic Chatbot). Measuring correct items (including descriptive items) and incorrect items (errors and confabulations), it was found that the AI CI elicited more accurate information than the other tools. The implications on society include AI CI provides an alternative means of effectively and efficiently recording high-quality evidential statements from victims and witnesses. (shrink)

We survey the meta-ethical tools and institutional processes that traditional Islamic ethicists apply when deliberating on bioethical issues. We present a typology of these methodological elements, giving particular attention to the meta-ethical techniques and devices that traditional Islamic ethicists employ in the absence of decisive or univocal authoritative texts or in the absence of established transmitted cases. In describing how traditional Islamic ethicists work, we demonstrate that these experts possess a variety of discursive tools. We find that the ethical responsa—i.e., (...) the products of the application of the tools that we describe—are generally characterized by internal consistency. We also conclude that Islamic ethical reasoning on bioethical issues, while clearly scripture-based, is also characterized by strong consequentialist elements and possesses clear principles-based characteristics. The paper contributes to the study of bioethics by familiarizing non-specialists in Islamic ethics with the role, scope, and applicability of key Islamic ethical concepts, such as “aims” (maqāṣid), “universals” (kulliyyāt), “interest” (maṣlaḥa), “maxims” (qawā`id), “controls” (ḍawābit), “differentiators” (furūq), “preponderization” (tarjīḥ), and “extension” (tafrī`). (shrink)

The construction projects in Pakistan have inherent problems of erroneous planning and schedule development. This dilemma has led to the failure of the majority of construction projects in Pakistan. Earlier researches have tried to curtail the increasing spectrum of inaccurate planning and schedule development. But not many research studies have shed light on the major factor of 2D CAD drawings interpretation problems, which are playing a key role in defective planning and scheduling. Moreover, the role of BIM, i.e., Building Information (...) Modeling with respect to efficient planning, has not been also discussed in detail. This study has concluded a positive impact of BIM on effective planning and scheduling in the construction industry of Pakistan. About 210 responses were obtained from experienced construction professionals of Pakistan and tested via regression analysis in order to validate this argument. It has been analyzed that 2D CAD drawings are now getting primitive and 3D technology BIM is taking its place. BIM is an efficient tool for planning and scheduling. With the start of CPEC and Multi-Billion Dollar investment on infrastructure, construction industry of Pakistan needs to uplift its existing standard in order to meet with international requirements. For this purpose, BIM has been recommended. It will not only assist in attaining flawless planning but will also increase the success rate of CPEC projects in Pakistan. (shrink)

The increasing interest in online shopping in recent years has increased the importance of understanding customer engagement valence in a virtual service network. There is yet a comprehensive explanation of the CEV concept, particularly its impact on multi-actor networks such as web stores. Therefore, this study aims to fill this research gap. In this study, past literature in the marketing and consumer psychology field was critically reviewed to understand the concept of CEV in online shopping, and the propositional-based style was (...) employed to conceptualize the CEV within the online shopping context. The outcomes demonstrate that the valence of customer engagement is dependent on the cognitive interpretation of signals that are prompted by multiple actors on a web store service network. If the signals are positively interpreted, positive outcomes such as service co-creation are expected, but if they are negatively interpreted, negative outcomes such as service co-destruction are predicted. These notions create avenues for future empirical research and practical implications. (shrink)

This paper offers novel insight into the Islamic banking business model by considering the effect of investments in human capital and corporate governance features on the market performance of Islamic banks. Based on a sample of 47 banks operating in different regions during the 2005–2010 period, and controlling for firm-specific characteristics, this paper finds investments in human capital to have a significant positive impact on the market value in the pre- and post-financial crisis period. Based on a market measure, this (...) paper finds board size and CEO power to have a significant positive impact, while the size of Shariah Supervisory Board has the opposite effect on market performance. The results further reveal that the Islamic banking sector is not a homogeneous group, with full-fledged Islamic banks having lax corporate governance mechanisms and large size, while their counterparts, Islamic Shariah-windows, having strong corporate governance mechanisms tend to invest more in human capital to yield positive market value. Overall, the analysis suggests that the financial crisis may have further spurred the impact of investments in human capital on the market performance. (shrink)

This paper interprets John von Neumann's views on the proper role of mathematics in science, with attention to its implications for economics. The evolution of von Neumann's thought over his lifespan, an examination of which is greatly aided by some self-conscious appraisals of von Neumann himself, suggests that von Neumann ended by taking a very pragmatic approach to the use of mathematics. One can almost characterize it as an engineering approach to the philosophy of mathematics since von Neumann takes mathematics (...) to be justified by its applications. This approach, which is surprisingly non-technical and hence accessible to general readers, is then placed in the context of his wider world-view. (shrink)

A major part of Ordinary Aesthetics has been to include the traditionally marginalized aesthetic categories excluded when studying beauty, truth, and goodness. These “negative aesthetics” are implicated in the construction, presentation, and sustenance of marginalized identities. For the purposes of my article, I will be focusing on the effort to incorporate the aforementioned in the study of aesthetics, essentially arguing for them to be inherently valuable and not for the sake of producing a “positive.” To this end and keeping up (...) with the thrust to include other traditions within aesthetics, my article will explore certain strands of Sufi poetry, namely the tradition of Qalandariyat, which present marginalized social identities to our awareness and not for the sake of changing or improving them. I will present some samples from the Persian poetry of Hafez and Rumi, as well as Punjabi couplets of Bulleh Shah and Shah Hussain, for a hermeneutic study that grounds the aesthetics of their Qalandari-themed literature in the usage of “negative” aesthetic categories. This exercise contains the promise of expanding the horizons for our field of sensibilities, by engaging with those social identities that have remained outside them and that too on their own terms. (shrink)

Software defects prediction at the initial period of the software development life cycle remains a critical and important assignment. Defect prediction and correctness leads to the assurance of the quality of software systems and has remained integral to study in the previous years. The quick forecast of imperfect or defective modules in software development can serve the development squad to use the existing assets competently and effectively to provide remarkable software products in a given short timeline. Hitherto, several researchers have (...) industrialized defect prediction models by utilizing statistical and machine learning techniques that are operative and effective approaches to pinpoint the defective modules. Tree family machine learning techniques are well-thought-out to be one of the finest and ordinarily used supervised learning methods. In this study, different tree family machine learning techniques are employed for software defect prediction using ten benchmark datasets. These techniques include Credal Decision Tree, Cost-Sensitive Decision Forest, Decision Stump, Forest by Penalizing Attributes, Hoeffding Tree, Decision Tree, Logistic Model Tree, Random Forest, Random Tree, and REP-Tree. Performance of each technique is evaluated using different measures, i.e., mean absolute error, relative absolute error, root mean squared error, root relative squared error, specificity, precision, recall, F-measure, G-measure, Matthew’s correlation coefficient, and accuracy. The overall outcomes of this paper suggested RF technique by producing best results in terms of reducing error rates as well as increasing accuracy on five datasets, i.e., AR3, PC1, PC2, PC3, and PC4. The average accuracy achieved by RF is 90.2238%. The comprehensive outcomes of this study can be used as a reference point for other researchers. Any assertion concerning the enhancement in prediction through any new model, technique, or framework can be benchmarked and verified. (shrink)

This study examines whether and how a CEO’s personal traits (gender, altruism, age, and founder) influence organizational performance. Building upon upper echelons theory, this study develops a conceptual framework that gives explicit recognition to how the institutional environment surrounding the CEOs shapes their characteristics, which, in turn, are reflected in the different organizational strategies and performance. This study moves beyond the existing focus on for-profit corporations and conducts the empirical analysis on a novel, hand-collected, longitudinal dataset of 1342 firm-year observations (...) of 128 faith-based charity organizations operating in a major developing, Muslim-majority country in the period 1996–2019. This study reveals that those faith-based charity organizations led by CEOs with specific personal traits (woman, altruistic, young, and founder) exhibit better organizational performance. Importantly, CEOs’ personal traits, however, do not have a uniform, systematic effect; their effect is generally strengthened when the CEO is also the founder of the faith-based charity organization, given the greater latitude of managerial discretion that a CEO has in managing the organization. Our findings have important implications for individual charity organizations; their board of directors; and their stakeholders, in particular the communities they serve, as well as the whole society where they operate. (shrink)

The high prevalence of aggression, anxiety and stress symptoms among team members in the organisation, while acquisition of task is alarming causation of adjustment disorder influences on team embeddedness, is the subject of this study. The ontogenesis of psychosocial adjustment disorder in any employees is not palingenetic, this is exact reproduction of psychosocial factors (PSF) which develops at workplace The most important strategy for productivity improvement is based on the fact that human productivity, both positive and negative, is determined by (...) the attitudes of all those who work in the enterprise and gap surfaced between teamwork and competence development particularly with regard to managing individualism within organisation and specifically individualistic approach, organisational justice, productivity management and psychosocial support. We strongly feel that there is a need to reexamine organisational team credentials and possible strong influences on individual’s psychosocial adjustment disorders. Findings suggest psychosocial adjustment factors are significantly correlated with psychosocial disorders (PSDs). (shrink)

The main objective of this paper is to examine the determinants of CEO compensation in the UK public listed companies. Our analysis, based on the sample drawn from the FTSE100 constituent firms, suggest that firm financial performance measured by return of assets (ROA), influence CEO compensation with the impact being most pronounced for the CEO total compensation. Results further suggest that corporate governance characteristics such as board size and CEO role duality have direct implications for CEO compensation. These attributes, however, (...) differentially determine the various components of CEO compensation. Although the results of this research help to elucidate the importance of corporate outcomes, board attributes and CEO traits in explaining the determinants of CEO compensation in the UK public listed companies, these findings have important economic implications for the corporate sector, regulators, investors, market analysts, academics and the public, which extend beyond the UK market. (shrink)

GMOS and Political Stance: Global GMO Regulation, Certification, Labeling, and Consumer Preferences provides a foundational-to-current challenges resource for those involved in developing and applying regulations to these important resources. Beginning with basics of GMOs, the book first familiarizes the reader with the history, economic status, associated risks, global politics, and socio-economics of GMOs. From exploring the necessity of GMO regulations with the existing GMO technology as well as new gene editing technologies to discussion by GMO regulations experts from different continents (...) and countries, readers will find the information necessary to understand the laws, rules, regulations and policies at domestic and international scale. A last chapter delivers an update and future look on gene-edited food and feed and discusses the possibilities on the future risk assessment, legislation and regulation of gene-edited products. GMOS and Political Stance provides a unique and applicable synchronization of all regulatory information on GMOs to facilitate effective and efficient regulatory development and adherence." -- Amazon. (shrink)

Recent evidence suggests that the presence of music experienced as pleasant positively influences episodic memory (EM) encoding. However, it is unclear whether this impact of pleasant music holds regardless of how arousing the music is, and what influence, if any, music-induced aesthetic emotions have. Furthermore, most music EM studies have used verbal or facial memory tasks limiting the generalisability of these findings to everyday EMs with spatiotemporal richness. The current study used an online what-where-when paradigm to assess music's influence on (...) EM encoding in a rich spatiotemporal environment. 105 participants carried out the what-where-when task in the presence of either silence or one of four musical stimuli falling into the four corners of the 2-D circumplex emotion model. We observed an interaction effect between the pleasantness and arousingness of music stimuli, whereby for pleasant stimuli, the low arousing excerpt was associated with better recall performance compared to the high arousing excerpt. We also observed that, across all excerpts, experience of negative aesthetic emotions was associated with compromised recall performance. Together, our results confirm the deleterious influence arousing stimuli can have on memory and support the notion that aesthetic-emotional experience of music can influence how memories are encoded in everyday life. (shrink)

From Antiquity until recently, philosophers and mathematicians have continually discussed the concept of angle and its relation to archimedean and non-archimedean theories of measurement. For the first time, this book traces the history of these discussions in Greek and Arabic, from Euclid to Kamāl al-Dīn al-Fārisī, after whom the discussion was not resumed until Newton and Euler. The volume presents first editions of over twenty texts, either in Arabic or Greek and translated into Arabic, of the greatest mathematicians and philosophers (...) of the time. The texts are here translated into French and supplemented with extensive commentary. The book begins with the definitions and propositions of Euclid on angles and measurement, followed by the Greek commentary tradition represented by Proclus and Simplicius (only extant in Arabic) and the writings of the Arabic mathematicians and philosophers from the 9th through 14th century, placing the fundamental contributions by Avicenna and Ibn al-Haytham into their historical context and showing how numerous successors produced new syntheses of their work. (shrink)

This paper focused on analysing the three very famous ethnographic works on Pukhtun Society of Swat. First, the work of Fredrik Barth “Political Leadership among Swath Pathans, was analysed then analysis of counter work to Barth’s done by Akbar S. Ahmed, “Millennium and Charisma among Pathans”, then there was critical review of the work by Charles Lindholm “Frontier Perspectives: Essays on Comaritive Anthropology”. Works of Louis Dupree, Talal Asad and Micheal Meeker, have also consulted to critically analyse the works of (...) the mentioned authors. This paper is an effort to examine the fact that the works of Fredrik Barth, Akber S. Ahmed, and Charles Lindholm present partially true picture about the socio-economic settings of Swat Pashtuns but not a fully appropriate, impartial and correct image of that society. If one would fully depend on these works to understand the economic and political circumstances of Swat society, then it would be probably insufficient and misleading owing to a significant difference in the writings of all these writers though written from the same society. It means that all of them were writing from the different positions, from separate cultural, educational and professional backgrounds. Their backgrounds have great influence on their writing, which made their work subjective and biased. Thus, it assumes that though an anthropologist tries to remain impartial and objective while writing about any culture, he cannot be, because of his cultural restriction. So, there is an effort to give an answer to the research question by applying the idea of post-modernist approach of James Clifford “writing culture”, also getting support by the Michel Foucault ideas of “Knowledge/Power” in discourse analysis. Thus, it is supposed here that work of each above mentioned authors is a partial truth, because in an ethnographic work author plays a central role and he writes ethnography as an auto-biography (based on his/her cultural limitation). (shrink)

The Belt and Road initiative was announced in 2013 under the administration of China’s President, Xi Jinping. It was designed to fulfill the aim of interconnecting Asia, Europe, and Africa through reliable connectivity networks. In reaction to it, the 47th summit of G7 in June 2021 has given a response to this Chinese Initiative with the idea of Build Back Better World. G7 tried to show that the world can have an alternative to BRI. The main objective of the study (...) is to compare the feasibility of these two massive infrastructural projects. It is a qualitative document analysis of the previously published material on the related theme, that highlighted a competition of economic supremacy between the US and China. The research finds that BRI is gaining enough popularity as compared to B3W in the eyes of the world specifically in connecting different regions. (shrink)

Journals have been described as “duty bearers” of upholding fundamental ethical principles that are essential for maintaining the ethical integrity of newly generated and disseminated knowledge. To play our part, we evaluated diversity and inclusion in the leadership and management of global and international health journals. We developed Journal Diversity Index (JDI) to measure three parameters of diversity and representation (gender, geographic, socioeconomic status). Relevant information regarding editorial board members of systematically screened journals was sequentially extracted and job titles were (...) categorized into five editorial roles. Chi-squared test was utilized to study associations between gender and geographic distribution of editors along with the Medline indexing of the journal and its impact factor. Out of 43 journals included, 62.7% were published from two high-income countries. Women comprised 44% of the total editors. Among all the editorial board members, we did not find any information suggesting the representation of non-binary and transgender individuals. Furthermore, 68.2% of editors were based in high-income countries with 67.3% of the editors belonging to the Global North. This disparity in geographic region and socioeconomic level was observed across all five editorial roles. Among all women editors, more than 70% worked in non-Medline and non-impact factor journals. Only two journals scored “excellent” on JDI. Despite the continuous evolution of the definition of global health ethics, marginalized individuals, and their perspectives remain underrepresented in this field. Thus, we call for swift action regarding the decentralization and redistribution of global and international health journal editorial boards. (shrink)

Applying the resolution–scale relativity principle to develop a mechanics of non-differentiable dynamical paths, we find that, in one dimension, stationary motion corresponds to an Itô process driven by the solutions of a Riccati equation. We verify that the corresponding Fokker–Planck equation is solved for a probability density corresponding to the squared modulus of the solution of the Schrödinger equation for the same problem. Inspired by the treatment of the one-dimensional case, we identify a generalization to time dependent problems in any (...) number of dimensions. The Itô process is then driven by a function which is identified as establishing the link between non-differentiable dynamics and standard quantum mechanics. This is the basis for the scale relativistic interpretation of standard quantum mechanics and, in the case of applications to chaotic systems, it leads us to identify quantum-like states as characterizing the entire system rather than the motion of its individual constituents. (shrink)

This paper investigates the relationship between director independence and firm performance, as well as ownership of firms and firm performance in Malaysia. We find that independent outside directors and foreign directors have a significant positive effect on firm performance after controlling for the influence of other corporate governance variables such as firm ownership and board sizes. The study demonstrates that when a critical mass of outside directors' independence is achieved, this has a significant economic impact on the firm performance. The (...) results have implications for rethinking board composition requirements in the emerging markets. [PUBLICATION ABSTRACT]. (shrink)

BackgroundIn this study, medical errors are defined as unintentional patient harm caused by a doctor’s mistake. This topic, due to limited research, is poorly understood in Malaysia. The objective of this study was to determine the proportion of doctors intending to disclose medical errors, and their attitudes/perception pertaining to medical errors.MethodsThis cross-sectional study was conducted at a tertiary public hospital from July- December 2015 among 276 randomly selected doctors. Data was collected using a standardized and validated self-administered questionnaire intending to (...) measure disclosure and attitudes/perceptions. The scale had four vignettes in total two medical and two surgical. Each vignette consisted of five questions and each question measured the disclosure. Disclosure was categorised as “No Disclosure”, “Partial Disclosure” or “Full Disclosure”. Data was keyed in and analysed using STATA v 13.0.ResultsOnly 10.1% intended to disclose medical errors. Most respondents felt that they possessed an attitude/perception of adequately disclosing errors to patients. There was a statistically significant difference when comparing the intention of disclosure with perceived disclosures. Most respondents were in common agreement that disclosing an error would make them less likely to get sued, that minor errors should be reported and that they experienced relief from disclosing errors.ConclusionMost doctors in this study would not disclose medical errors although they perceived that the errors were serious and felt responsible for it. Poor disclosure could be due the fear of litigations and improper mechanisms/procedures available for disclosure. (shrink)

Social interactions through social commerce platforms empower consumers to share their personal experiences with others, but its role becomes more significant for societal protection during COVID-19. Numerous scholars have studied e-commerce extensively, but there is a lack of studies to identify social commerce characteristics to attract potential consumers during COVID-19. This study aims to examine the role of social commerce constructs by integrating social presence as a moderator in the model to explain consumers online shopping intentions in a Pakistani context, (...) where lack of trust on the reliability and validity of comments from other consumers being considered the growing concern toward the success of social commerce. The quantitative data were collected from the respondents living in different cities of Pakistan. Most of the hypothesis supported and demonstrate the positive response from the Pakistani consumers having experience in shopping through social commerce platforms. The findings of this study will help scholars and managers to understand the attitude of Pakistani consumers. (shrink)

This article examined the effect of culture and religiosity on perceptions of business ethics among students in a tertiary institution in Malaysia. A structured questionnaire was developed with scenarios on various aspects of business ethics, and self-administered to the students in the business studies program. The results from 767 respondents showed that there were significant differences among the Malays, Chinese, and Indian students on seven scenarios namely selling hazardous products, misleading instructions, selling defective products, padding expense account, taking sick to (...) take a day off, keeping quiet on defective products, and respond to supplier's take good care of clients attitude. There was also an association between culture and religiosity. The MANOVA results also showed that culture and religiosity have an effect on perceptions of business ethics. (shrink)

Sustainability is concerned with the impact of present actions on the ecosystems, societies, and environments of the future. Such concerns should be reflected in the strategic planning of sustainable corporations. Strategic intentions of this nature are operationalized through the adoption of a long-term focus and a more inclusive set of responsibilities focusing on ethical practices, employees, environment, and customers. A central hypothesis, that we test in this paper is that companies which attend to this set of responsibilities under the term (...) superior sustainable practices, have higher financial performance compared to those that do not engage in such practices. The target population of this study consists of the top 100 sustainable global companies in 2008 which have been selected from a universe of 3,000 firms from the developed countries and emerging markets. We find significant higher mean sales growth, return on assets, profit before taxation, and cash flows from operations in some activity sectors of the sample companies compared to the control companies over the period of 2006–2010. Furthermore, our findings show that the higher financial performance of sustainable companies has increased and been sustained over the sample. Notwithstanding sample limitation, causal evidence reported in this paper suggests that, there is bi-directional relationship between corporate social responsibilities practices and corporate financial performance. (shrink)

BackgroundCOVID-19 break out has created panic and fear in society. A strict kind of lockdown was imposed in Wuhan, Hubei province of China. During home confinement due to lockdown, people face multidimensional issues. The present study explored the psychological impacts of COVID-19 home confinement during the lockdown period and Wuhan’s residents’ attitude toward physical activity.MethodsA cross-sectional online survey was conducted to collect the primary data according to the study objectives. The population was Wuhan residents who were in home confinement. A (...) total of 2280 participant’s reply to the online questionnaire survey and collected data after quantifying the data, about 2200 ; about female, about male, others about, and about were not disclosed their gender participants responses were used for analysis. The collected data were analyzed through appropriate statistical techniques.ResultsAccording to results, H1 is supported with β = −40.793, t = 57.835, p = 0.000, which claimed a negative association between COVID-19 lockdown policy and behavior and attitude. Results for H2 reveals that the COVID-19 lockdown policy have negative influence on emotional control with β = −0.769, t = 46.766, p = 0.000 and it is supported. H3 documented a significant positive relationship between COVID-19 lockdown policy and lockdown period psychological impact, which means lockdown policy, is the main reason to increase the lockdown psychological impact. Further, COVID-19 lockdown policy have negative influence on physical activity and self-belief with β = −0.657, t = 32.766, p = 0.000 and β = −0.620, t = −6.766, p = 0.000 respectively. H6 stated that there is a positive impact of behavior and attitude toward physical activity. The results for H6, behavior, and attitude affecting the physical activity with β = 0.401, t = 10, p = 0.000, which is supported.ConclusionCOVID-19 home confinement created various psychological impacts, negatively affecting the emotional state due to depression and anxiety. Physical activity is the best strategy to manage human nature’s psychological issues, and people’s attitudes were positive toward physical activity during home confinement. However, the lockdown policy also affects physical activity participation negatively, and a sedentary lifestyle prevailed during home confinement. (shrink)

Artificial Immune Systems (AIS) are intelligent algorithms derived on the principles inspired by human immune system. In this research work, electroencephalography (EEG) signals for four distinct motor movement of human limbs are detected and classified using Negative Selection Classification Algorithm (NSCA). For this study, a widely studied open source EEG signal database (BCI IV - Graz dataset 2a, comprising 9 subjects) has been used. Mel Frequency Cepstral Coefficients (MFCCs) are extracted as selected feature from recorded EEG signals. Dimensionality reduction of (...) data is carried out by applying two hidden layered stacked auto-encoder. Genetic Algorithm (GA) optimized detectors (Artificial Lymphocytes) are trained using Negative Selection Algorithm (NSA) for detection and classification of four motor movements. The trained detectors consist of four sets of detectors, each set is trained for detection and classification of one of the four movements from the other three movements. The optimized radius of detector is small enough not to mis-detect the sample. Euclidean distance of each detector with every training dataset sample is taken and compared with optimized radius of detector as a non-self detector. Our proposed approach achieved a mean classification accuracy of 86.39% for limb movements over 9 subjects with a maximum individual subject classification accuracy of 97.5 % for subject number eight. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:DAVID HUME AND EIGHTEENTH CENTURY MONETARY THOUGHT: A CRITICAL COMMENT ON RECENT VIEWS To the argument that it makes little difference what precise roles were played by various actors in a great movement, and that the busy modern reader cannot be bothered to go behind the scenes of popular successes, the answer is simple: it is on the whole better to call men and events by their right names; (...) it is on the whole wiser not to make false diagrams of the way things happen. What, after all, are we so busy about? Jacques Barzun, Darwin, Marx, Wagner The praise that has been bestowed upon David Hume's monetary thought in recent years would suggest that however little attention is paid to the history of economic thought otherwise, no one is averse to a long and respectable lineage.1 However, it is just when an individual is singled out and focused upon that the most misleading ideas can arise; furthermore, when the scholars who provide this attention are renowned authorities in specialized fields, their views receive very widespread circulation. It would not be easy to find a contemporary student of the eighteenth century who would assert that the mercantilists believed real wealth to consist of gold and silver, yet the late Harry Johnson made just such an assertion not very long ago, and the number of economists who read Harry Johnson must far outnumber those who read eighteenthcentury scholars.2 By the same token, the liberal praise bestowed upon those credited with having "demolished" mercantilism, such as David Hume, requires careful scrutiny. A recent article by Dietrich Fausten3 has shown how different Hume's analysis 157 actually was from modern monetarism, despite the many attempts to designate Hume the father of monetarist doctrines, and this critical approach can be taken farther. Before turning to an examination of Hume's position, it may be worthwhile to make a methodological point. There are those who consider delving into indebtedness and priorities "antiquarian" (but not if their own contributions are in question!). After all, they claim, Hume's views are there in black and white, he wrote elegantly and his philosophical merits are widely admired; does it really matter if Hume did not acknowledge his sources, that he was somewhat inconsistent, or that he caricatured his opponents? Surely some compassion is appropriate for someone who wrote at the very dawn of "economic science." This is to miss the point of such historical scrutiny altogether. If compassion were required, why should it be bestowed upon Hume, rather than on such predecessors as Gervaise, Cantillon or Vanderlint? Scholars employ certain critical standards in judging published work; let us employ these standards to Hume and if sympathy be required, let it follow and not precede the analysis. II The following passage is certainly one of the most frequently quoted in the history of economics but its importance for our argument makes repetition necessary. Suppose, that all the money of Great Britain were multiplied fivefold in a night, must not the contrary effect follow? Must not all labour and commodities rise to such an exorbitant height, that no neighbouring nations could afford to buy from us; while 158 their commodities, on the other hand, became comparatively so cheap, that, in spite of all the laws which could be formed, they would be run in upon us, and our money flow out; till we fall to a level with foreigners, and lose that great superiority of riches, which had laid us under such disadvantages?4 Two points should be noted about the above. First, Hume assumes a sudden, large inflow of money to make his point. This is a very different thing from the small [relative to the money stock] and steady inflow advocated by the so-called mercantilists. Secondly, Hume assumes that this sudden inflow is met by instantaneous adjustment in prices. Otherwise, if the change in, say, wages attracts more labour, there is no reason why the increased money supply could not lead to a greater output and thus avoid inflation. International labour mobility was a standard feature of mercantilist thought and so it will be seen that Hume's "new" result is obtained by his... (shrink)

In lieu of an abstract, here is a brief excerpt of the content:DAVID HUME AND EIGHTEENTH CENTURY MONETARY THOUGHT: A CRITICAL COMMENT ON RECENT VIEWS To the argument that it makes little difference what precise roles were played by various actors in a great movement, and that the busy modern reader cannot be bothered to go behind the scenes of popular successes, the answer is simple: it is on the whole better to call men and events by their right names; (...) it is on the whole wiser not to make false diagrams of the way things happen. What, after all, are we so busy about? Jacques Barzun, Darwin, Marx, Wagner The praise that has been bestowed upon David Hume's monetary thought in recent years would suggest that however little attention is paid to the history of economic thought otherwise, no one is averse to a long and respectable lineage.1 However, it is just when an individual is singled out and focused upon that the most misleading ideas can arise; furthermore, when the scholars who provide this attention are renowned authorities in specialized fields, their views receive very widespread circulation. It would not be easy to find a contemporary student of the eighteenth century who would assert that the mercantilists believed real wealth to consist of gold and silver, yet the late Harry Johnson made just such an assertion not very long ago, and the number of economists who read Harry Johnson must far outnumber those who read eighteenthcentury scholars.2 By the same token, the liberal praise bestowed upon those credited with having "demolished" mercantilism, such as David Hume, requires careful scrutiny. A recent article by Dietrich Fausten3 has shown how different Hume's analysis 157 actually was from modern monetarism, despite the many attempts to designate Hume the father of monetarist doctrines, and this critical approach can be taken farther. Before turning to an examination of Hume's position, it may be worthwhile to make a methodological point. There are those who consider delving into indebtedness and priorities "antiquarian" (but not if their own contributions are in question!). After all, they claim, Hume's views are there in black and white, he wrote elegantly and his philosophical merits are widely admired; does it really matter if Hume did not acknowledge his sources, that he was somewhat inconsistent, or that he caricatured his opponents? Surely some compassion is appropriate for someone who wrote at the very dawn of "economic science." This is to miss the point of such historical scrutiny altogether. If compassion were required, why should it be bestowed upon Hume, rather than on such predecessors as Gervaise, Cantillon or Vanderlint? Scholars employ certain critical standards in judging published work; let us employ these standards to Hume and if sympathy be required, let it follow and not precede the analysis. II The following passage is certainly one of the most frequently quoted in the history of economics but its importance for our argument makes repetition necessary. Suppose, that all the money of Great Britain were multiplied fivefold in a night, must not the contrary effect follow? Must not all labour and commodities rise to such an exorbitant height, that no neighbouring nations could afford to buy from us; while 158 their commodities, on the other hand, became comparatively so cheap, that, in spite of all the laws which could be formed, they would be run in upon us, and our money flow out; till we fall to a level with foreigners, and lose that great superiority of riches, which had laid us under such disadvantages?4 Two points should be noted about the above. First, Hume assumes a sudden, large inflow of money to make his point. This is a very different thing from the small [relative to the money stock] and steady inflow advocated by the so-called mercantilists. Secondly, Hume assumes that this sudden inflow is met by instantaneous adjustment in prices. Otherwise, if the change in, say, wages attracts more labour, there is no reason why the increased money supply could not lead to a greater output and thus avoid inflation. International labour mobility was a standard feature of mercantilist thought and so it will be seen that Hume's "new" result is obtained by his... (shrink)