Inverting Economic Imperialism: The Philosophical Roots of Ethical Controversies in Economics
Whereas economics is sometimes presented as the social science and indeed as imperialistic social science, the argument here is quite opposite. It is in fact economics itself which has been colonised by one or another political philosophy. Different schools of economic thought rest their foundations in different political and social philosophies, and this causes their proponents to orient their policy recommendations around differing definitions of â€˜freedomâ€™, â€˜rationalityâ€™, â€˜equality of opportunityâ€™ and teleology. It is the a prioris of their implicit philosophies which gives distinctive character to their respective economic theories, and which define their approaches to ethical controversies in economics. Three broad schools of thought are identified in what follows. Chicago School economic imperialists base their response to questions of values and ethics in economics on the underlying philosophy of libertarianism. That philosophy is unacceptable to institutionalist economists, however, since for them people are not meaningfully free to do as they please, unless they are already free from various external constraints. A third set of economists, dubbed radicals, reject the conception of the nature of mankind which is implicit in orthodox economics, and consequently adopt a different view towards values and ethics in economics via their commitment to a different understanding of teleology, rationality and the conception of scientific method.
Volume (Year): 16 (2005)
Issue (Month): 3 (April)
|Contact details of provider:|
When requesting a correction, please mention this item's handle: RePEc:sae:jinter:v:16:y:2005:i:3:p:323-339. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (SAGE Publications)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.