- Philosophy of Economics

Catalog description

This course delves into the methodological and ethical foundations of contemporary economics, exploring the deeper questions behind economic models and theories. We’ll go beyond equations and graphs to examine how theories contribute to the generation of economic knowledge, how they align with empirical findings, and what are some of the limitations or problems in some of the assumptions they entail. Students will tackle questions like: What makes an economic decision “rational”? How do ethical considerations influence economic outcomes? And how does economics, as a science, compare to disciplines like physics or biology? By engaging with classic texts and contemporary debates, the course connects abstract philosophical concepts with real-world economic issues. Key applied topics include the logic of rational choice, well-being, and welfare economics, efficient market hypothesis and behavioral finance, and the challenges of economic prediction and policy-making. Designed for students with an interest in economics, philosophy, or the broader impact of ideas on society, this course invites participants to critically assess how economic knowledge is developed, validated, and used in practice.