Hume David

Hume, David (171 1-76), Scottish philosopher, historian and political economist. His father owned a small estate in Berwickshire; there Hume received his early education, eventually going to the University of Edinburgh. After a few months in a Bristol business house he went to France, and thereafter, apart from a period as tutor to the Marquis of Annandale, he spent his life in study, being appointed to the Faculty of Advocates at Edinburgh in 1752. His main works, Political Discourses (1752) and Treatise on Human Nature (1739-. 1740), place Hume as an eminent 'natural law' philosopher. He was a critic of mercantilist doctrines, and exerted a formative influence on Adam Smith. He also made important contributions to the theory of money and international trade.

Imperfect Competition, a market situation which does not fulfil all the conditions necessary for perfect competition and which is characterized by one or more of the following features: ability of sellers to influence demand by such practices as product differentiation, branding, advertising; restraints on the entry of competitors into any line of production either because of the large scale of initial investment required or because of restrictive and collusive practices; the existence of uncertainty and imperfect knowledge about prices and profits elsewhere; the absence of price competition. Such market imperfections are characteristic, to larger or lesser degree, of most markets for both goods and factors of production.

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this site is therefore not a final statement of economic doctrine.

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