 Hume articulated the various steps by which an influx of good Spanish coins might magically stimulate economic growth. The circulation of the additional coins could induce a multiplier effect that essentially incentivized weavers and farmers to work more intensively. They did this for an interval of time, until prices and wages caught up to the additional money stock and reached a level once more. In short, the specie-flow mechanism was couched as an ideal (friction-free) process, understood as a thought experiment, whereas the injection of new money and its circulation resulted in genuine economic growth. Milton Friedman received the Nobel Prize for making these arguments, but he paid specific homage to Hume for the central analysis (Schabas &amp; Wennerlind 2020: 208, 232). Friedman also credits Hume with asking what the optimal quantity of money for a given nation would be, but in fact several before Hume had grappled with this question, Petty and Berkeley most notably. Hume’s work is best known but there were dozens at the time who articulated one or more of the three core principles of monetary theory, the quantity theory, the specie-flow mechanism, and the multiplier.