Monetary policy is a modern idea of which David Hume is generally considered a precursor. Moreover, thanks to Milton Friedman and Robert Lucas, he is often presented as one of the first and most illustrious endorser of monetarism. This paper argues against this view, and in agreement with Joseph Schumpeter, that Hume's contribution to economics, while not insignificant, cannot claim any real novelties. It offers an interpretation of Hume as a descendant of a pre-modern understanding of money rather than a (...) forerunner of modern monetary ideas, and as a scholar exposing common ideas of his time rather than a prophet of economic theories developed centuries later, and argues that there is little in Hume that resembles today's monetary policy prescriptions. (shrink)

Robert Nozick addresses the idea of egalitarian redistribution in an argument standardly considered original: the “Wilt Chamberlain Argument”. However, this argument is found in David Hume's An Enquiry Concerning the Principles of Morals, first published in 1751. Placing this argument within a Humean and Hayekian, rather than a Lockean or Kantian, perspective radically changes its import for issues of economic justice. Rather than vindicating the radical individualism of Nozick and other libertarians, applied to our circumstances using Hume's conventionalist and evolutionary (...) account of justice, Hume's Wilt Chamberlain argument vindicates moderate redistribution constrained by the rule of general laws and the goal of fostering innovation and industriousness. (shrink)