Hume on the Monetary Fallacy of Monotonic Counterfactuals

  1. Maffezioli, Paolo
Revista:
Axiomathes

ISSN: 1122-1151,  1572-8390

Año de publicación: 2022

Volumen: 32

Número: S2

Páginas: 593-606

Tipo: Artículo

DOI: 10.1007/S10516-022-09620-8 GOOGLE SCHOLAR lock_openAcceso abierto editor

Otras publicaciones en: Axiomathes

Resumen

I focus on the commonly shared view that Hume’s monetary theory is inconsistent. I review several attempts to solve the alleged inconsistency in Hume’s monetary theory, including the consensus interpretation according to which Hume was committed to the neutrality of money only in the long run, while he conceded that money can be non-neutral in the short run. Then, building on a monetary version of the logical fallacy of monotonic counterfactuals in the essay Of the Balance of Trade, I argue for the consistency of Hume’s theory of money by ascribing to Hume a distinction between money as collectively neutral and distributively non-neutral.

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