In the year 1749 Adam Smith conceived his theory of commercial liberty and David Hume laid the foundation of his monetary theory. These two intellectual developments, despite their brevity, heralded a paradigm shift in economic thinking. Smith expanded and promulgated his theory over the course of his scholarly career, culminating in the publication of The Wealth of Nations in 1776. Hume elaborated on the constituents of his monetary framework in several essays that were published in 1752. Although Smith and Hume (...) devised their economic theories in 1749 independently, these theories complemented each other and to a considerable extent created the structure of classical economics. (shrink)

ABSTRACT David Hume and Adam Smith are often regarded as preeminent contributors to the eighteenth-century Scottish ‘science of man.’ For our understanding of Hume’s and Smith’s contributions to this project, scholars today are especially indebted to Nicholas Phillipson, who influentially and persuasively demonstrated how the science of man that they developed sought to account for social progress as the result of man’s natural love of improvement in the face of conditions of indigence and want. Yet Phillipson’s work also helps us (...) see the ways in which the Scottish science of man sought to account for man’s moral development as well as our material development, and specifically the ways in which individual human beings come to develop virtue. This contribution thus extends Phillipson’s pioneering insights into the methodology of the Scottish science of man to show how Smith conceived of the love of improvement not only as the engine driving society towards civilization and opulence, but also as an important element in the ethical development of the individual. (shrink)