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Is Neoclassical Economics Scientific Knowledge Detached from Ethics? A Kantian Answer, an Institutionalist Alternative

Author

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  • Fernando García-Quero

    (University of Granada, Granada, Spain)

  • Jorge Ollero-Perán

    (Penitentiary Institutions Seville, Andalusia, Spain)

Abstract

This paper aims to criticize the common idea which sustains that current neoclassical economics is detached from ethics, and therefore is scientific knowledge. Using Kantian critical philosophy, we argue, on the contrary, that neoclassical economics is based on certain ethical postulates, and thus it cannot obtain the status of science. Although ethics is but one of the many institutions that affect economics, it plays a major role in setting the basis on which to build its entire theoretical structure. Approaching the analysis from institutionalism places ethical issues at the forefront of economic debate, thus opening the door to future dialogue between disciplines and analytical approaches.

Suggested Citation

  • Fernando García-Quero & Jorge Ollero-Perán, 2015. "Is Neoclassical Economics Scientific Knowledge Detached from Ethics? A Kantian Answer, an Institutionalist Alternative," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(1), pages 56-69, March.
    • Handle: RePEc:sae:reorpe:v:47:y:2015:i:1:p:56-69
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    Keywords

    ethical values; critical institutionalism; Kant; Marx; social science; Veblen;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • Z18 - Other Special Topics - - Cultural Economics - - - Public Policy

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