limits of human foresight".
Contributions to economic thought
Through his discussions on politics, Hume developed many ideas that are prevalent in the field of economics. This includes ideas on private property, inflation, and foreign trade. Referring to his essay "Of the Balance of Trade," Paul Krugman has remarked "... David Hume created what I consider the first true economic model." 
In contrast to Locke, Hume believes that private property
isn't a natural right. Hume argues it is justified, because resources are limited. Private property would be an unjustified, "idle ceremonial", if all goods were unlimited and available freely. Hume also believed in an unequal distribution of property, because perfect equality would destroy the ideas of thrift and industry. Perfect equality would thus lead to impoverishment.