A Credit Market à la David Hume

نویسندگان

  • David Hume
  • Menahem E. Yaari
چکیده

The answer, according to Hume, could be the borrower’s “abhorrence of villainy and knavery”, but this could only be the case in “a civiliz’d state, when [the borrower] is train’d up according to a certain discipline and education”. This cannot be the answer, however, when the interaction is looked at from the perspective of man’s basic “rude and more natural condition”. Nor can the answer be found in “a concern for [the borrower’s] private interest or reputation” (repeated game considerations) or in “a regard to the interest of the [lender]” (altruism). The analysis of certain specific scenarios (supposing, for example, “that the loan was secret” or that the lender “be a vicious man”) enables Hume to show that these answers, too, cannot be right. The answer, he therefore concludes, must be “that the sense of justice and injustice [which is the motive for repaying the loan] is not deriv’d from nature, but arises artificially, tho’ necessarily, from education and human conventions” (p. 483).

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تاریخ انتشار 2001