For the first time, in Hume and Smith, ‘sympathy’ occupies a central position as the principle of moral judgment. The key to solving the relationship between sympathy and economic thought lies in the theory of justice. Hume and Smith inherited Hutcheson’s criticism of the Hobbesian selfish system and considered humans selfish and social. For both, the relationship between selfishness and sympathy is neither a contradiction nor a subordinate structure in which selfishness ultimately dominates sympathy. In this joint project, Hume’s institutional (...) utilitarianism could justify Smith’s economic theories and provide Smith’s theory of government with a proper philosophical foundation. I argue that this is particularly significant because Smith himself failed to provide the foundation in areas where the idea of public utility plays a vital role, such as in the critical case of national defence and the decline of martial spirit. (shrink)

Recently, several funding agencies have introduced the distribution of funds by a lottery system; however, its effects on the productivity of the research community are unclear. Simulation studies in philosophy of science have argued that a combination of peer review and lottery is an optimal method. However, these models overlook several important aspects of research activities, such as baseline funding through block grants. In this study, I constructed a general theoretical model that incorporates these aspects and argue that the conventional (...) combination of peer review and baseline funding outperforms the combination of peer review and lottery in many situations. (shrink)

This paper examines Hume’s theory of republicanism from the perspective of the history of ancient and modern thought. Hume criticized ancient republicanism for its implicit assumption of institutional slavery, and sought the possibility of a republican constitution based on the freedom and equality of citizens. Despite the title “Idea of a Perfect Commonwealth,” its content was a concrete theory and discussed the British society as it existed in the 18th century. His conclusion was the realistic proposal of a highly democratic (...) federal republic, which not only became the origin of the U.S. Constitution through James Madison, but also serves as a valuable source of enlightenment and inspiration for our time, when the challenges and problems of party politics and mass democracy have become extremely serious. (shrink)

This chapter contains section titled: Hume as Economist Hume's Philosophical Economics Luxury, Knowledge, and Economic Development Money and International Trade Quantity Theory Reconsidered Manners and Diversity of Economic Development Conclusion: Economics and Civilization References Further Reading.

This essay argues that while the so-called "Hume's Early Memoranda" has long been regarded as Hume's juvenile work composed before A Treatise of Human Nature, there is significant internal and external evidence to the contrary. M. A. Stewart's recent thesis made a new attempt to move the period of composition to the early 1740s. I seek in the following essay to date the composition even later, in the latter half of the 1740s. Re-examined in this new light, the memoranda credibly (...) emerges as a work of preparation for Hume's political economy to be published as Political Discourses in 1752. Historical and biographical details thus reconstructed around the process of Hume's composition of the memoranda reveal the hitherto-unrecognized complexity with which Hume's economic thought was gradually formed in close and profound connections with his moral, political and historical thinking. (shrink)

Hume’s economic essays were part of his early project of politics as one of the principal departments of the Science of Man, a project realized, first, by the morals expounded in Book 3 of the Treatise; second, by the politics and criticism in Essays Moral and Political; and third, by economic and political essays in the Political Discourses. The author sheds new light on the way in which Hume’s economic theory was developed as an integral part of his grand philosophical (...) project, one based on the theory of causal reasoning that served Hume’s theorizing throughout his social science in general and his economics in particular. A profound connection is shown between Hume’s philosophy and economics, mainly from a methodological point of view, by highlighting his theory of causation. The strictly philosophical nature and origin of Hume’s “economics” demonstrates the significant difference between his economic writings and those of his contemporaries. (shrink)

This collection of essays provides a comprehensive view of the economic thought of the Scottish Enlightenment. Organized as a chronological account of the rise and progress of political economy in eighteenth century Scotland, each chapter discusses the way in which the moral and economic improvement of the Scottish nation became a common concern. Contributors not only explore the economic discourses of David Hume, James Steuart and Adam Smith but also consider the neglected economic writings of Andrew Fletcher, Robert Wallace, Francis (...) Hutcheson, William Robertson, John Millar and Dugald Stewart. This book addresses the question of how these economic writings interacted with the moral, political and historical arguments of the time and shows how contemporary issues related to the union with England, natural jurisprudence, classical republicanism and manners and civilization all contained an economic dimension. Key chapters include: The ancient modern controversy in the Scottish Enlightenment The 'Scottish Triangle' in the shaping of political economy: David Hume, Sir James Steuart and Adam Smith Civilization and history in Lord Kames and William Robertson Adam Smith in Japan This view of the origin of economic science in Britain is markedly different from traditional accounts and will be of interest to economic, political and social historians. (shrink)