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The (Implicit) Microeconomic Foundations of The Economy of Francesco

Author

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  • Tommaso Gabrieli

    (Barlett School of Planning, University College London)

Abstract

In this paper, I analyse the microeconomic foundations of the economic judgements expressed in the encyclical letters of Pope Francis. I argue that these judgements are based on the implicit assumption that 1) human preferences are not those of the selfish Homo economicus and 2) market outcomes are neither equitable nor efficient. I discuss how both 1) and 2) are alternative foundations of the standard neoclassical paradigm, and I offer a review across economic fields of the most important contributions that explicitly put forward these microeconomic foundations. The fact that 1)is a criticism of individual assumptions and 2) is a criticism of an aggregate outcome poseschallenges and opportunities: a growing body of recent economic research has offered importantcontributions on such links; therefore, I show that modern economic research can offer a comprehensive microeconomic foundation of The Economy of Francesco.

Suggested Citation

  • Tommaso Gabrieli, 2021. "The (Implicit) Microeconomic Foundations of The Economy of Francesco," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 129(4), pages 471-486.
    • Handle: RePEc:vep:journl:y:2021:v:129:i:4:p:471-486
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    More about this item

    Keywords

    Altruism; Interdependent Utility; Inequality; Catholic Social Doctrine;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D30 - Microeconomics - - Distribution - - - General
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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