Philosophy of Economics

Catalog description

In this course, general philosophy of science issues are applied to economics, and some problems specific to economics are tackled. While analytical questions like "What is economics?" or "What is an economic explanation" must be pursued, the ultimate goal is practical: What is good economics? How can economists contribute to a better understanding of society, and a better society? How can we make economics better? Topics to be discussed include the following: specific object and method of economics as a social science; its relation with other disciplines (physics, psychology and evolutionary theory); values in economics (welfare, freedom, equality and neutrality); the role of understanding and possible limits of a quantitative approach to human behavior (purposefulness, freedom, creativity, innovation); prediction, unpredictability and the pretension of prediction; causation in econometrics and in economic theory (equilibrium); selfishness and utility maximization (cognitive and behaviorist interpretations); economic models and unrealistic assumptions (realism and instrumentalism); empirical basis of economics (observation and experiment); microeconomics and macroeconomics (reductionism and autonomy); pluralism in economics (mainstream economics and heterodox schools).