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The Eminently Practical Mr. Hume or Still Relevant After All These Years

The Eminently Practical Mr. Hume or Still Relevant After All These Years or Still Relevant After AU These Years The practice, therefore, of contracting debt will almost infallibly be abused, in every government. It would scarcely be more imprudent togive a prodigal son a credit in every banker's shop in London, than to impower a statesman to draw bills, in this manner, upon posterity. (David Hume, Political Discourses, 1752) If we do not act promptly, the imbalances in the economy are such that the effects of the deficit will be increasingly felt and with some immediacy. (Federal Reserve Chairman, Alan Greenspan, 1988) When David Hume penned his essays some 250 years ago, he was concerned that Britain's rising national debt -- a debt fueled by war and poor debt management that saw fit to mortgage the public revenues, and to trust that posterity will pay off the incumbrances contracted by their ancestors -- would eventually bankrupt the country. What the poor man might think ofa country facing a budget deficit of $155 billion, a trade deficit of some $130 billion, and a national debt -- can you count the zeroes? -- of a staggering $2.6 trillion, one can only imagine. Now imagination, as it happens, plays a central role in http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Hume Studies Hume Society

The Eminently Practical Mr. Hume or Still Relevant After All These Years

Hume Studies , Volume 16 (1) – Jan 26, 1990

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Hume Society
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Copyright © Hume Society
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1947-9921
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Abstract

or Still Relevant After AU These Years The practice, therefore, of contracting debt will almost infallibly be abused, in every government. It would scarcely be more imprudent togive a prodigal son a credit in every banker's shop in London, than to impower a statesman to draw bills, in this manner, upon posterity. (David Hume, Political Discourses, 1752) If we do not act promptly, the imbalances in the economy are such that the effects of the deficit will be increasingly felt and with some immediacy. (Federal Reserve Chairman, Alan Greenspan, 1988) When David Hume penned his essays some 250 years ago, he was concerned that Britain's rising national debt -- a debt fueled by war and poor debt management that saw fit to mortgage the public revenues, and to trust that posterity will pay off the incumbrances contracted by their ancestors -- would eventually bankrupt the country. What the poor man might think ofa country facing a budget deficit of $155 billion, a trade deficit of some $130 billion, and a national debt -- can you count the zeroes? -- of a staggering $2.6 trillion, one can only imagine. Now imagination, as it happens, plays a central role in

Journal

Hume StudiesHume Society

Published: Jan 26, 1990

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