The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Hutcheson, Francis (1694–1746)

  • Andrew Skinner
Reference work entry


Holder of the Chair of Moral Philosophy at Glasgow University, Hutcheson, counted Adam Smith among his pupils. His moral philosophy resembled Smith’s in emphasizing the role of sentiment, though Smith rejected his notion of an internal moral sense. Hutcheson’s economic analysis embraced the division of labour, property, and money. His theory of value, which stressed the role of subjective judgement as a determinant of value in exchange, was influenced by Pufendorf, but Hutcheson went beyond Pufendorf (and foreshadowed Smith) in arguing that goods exchange at a rate that is in part determined by the quantity of labour embodied in them.


Barter Benevolence Carmichael, G. Division of labour Ferguson, A. Hume, D. Hutcheson, F. Locke, J. Money Moral sense Natural rights Property Pufendorf, S. Self-interest Smith, A. Supply and demand Value in exchange Value theory Wealth of Nations 

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Andrew Skinner
    • 1
  1. 1.