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Philosophy, Not Theology, Is the Key for Economics: A Catholic Perspective

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  • Daniel K. Finn

Abstract

This essay addresses two important problems with mainstream economics that reduce its usefulness for people of religious faith: its eclipse of the causal forces operating within the ‘black box’ of the market, and its empiricist methodological underpinnings. Yet neither of these problems requires religious resources for a solution. The critical realist philosophy of science of Roy Bhaskar provides a fruitful alternative to empiricism. The insights of critical realist sociologists to understand markets as social structures provide a helpful way to direct economists’ attention to important but neglected market relations.

Suggested Citation

  • Daniel K. Finn, 2014. "Philosophy, Not Theology, Is the Key for Economics: A Catholic Perspective," Econ Journal Watch, Econ Journal Watch, vol. 11(2), pages 153-159, May.
    • Handle: RePEc:ejw:journl:v:11:y:2014:i:2:p:153-159
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    References listed on IDEAS

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    1. John B. Davis, 2013. "Identity," Chapters, in: Luigino Bruni & Stefano Zamagni (ed.), Handbook on the Economics of Reciprocity and Social Enterprise, chapter 19, pages 201-207, Edward Elgar Publishing.
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    More about this item

    Keywords

    Religion and economics; critical realism; sociology of economics; empiricism; markets; economic complicity;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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