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Lecture 1Two definitions of philosophy of economics
1. Philosophy of Economics consists of inquiries concerning (a) rational choice, (b) the
appraisal of economic outcomes, institutions and processes, and (c) the ontology of
economic phenomena and the possibilities of acquiring knowledge of them.
•By Dan Hausman, a philosopher (Stanford Encyclopaedia of Philosophy):
2. Philosophers of economics are philosophers whose work focuses on the theoretical,
methodological and ethical foundations of economics
By Julian Reiss, another philosopher
What is economics
The art of household management (Xenophon, 4th century BC.)
Political Economy as “a branch of the science of a statesman or
legislator” Adam Smith, 1776
o His Inquiry into the Nature and Causes of the Wealth of Nations
explained the relative fortunes of different countries and the
policies that might “enrich both the people and the sovereign”.
Happiness
o Economics deals with “happiness and improvement of political
society”. (Dugald Stewart, Political Economy, ed. Hamilton 1855)
Material Welfare
o "The aim of Political Economy is the explanation of the general
causes on which the material welfare of human beings depends"
(Cannan, Elementary Political Economy, 1888, p. 1)
Often used:
“The study of human behaviour as a relationship between ends and
scarce means which have alternative uses.” Lionel Robbins’s An Essay on
the Nature and Significance of Economic Science, 1932.
Other definitions
Science of the lower feelings
o “ Political Economy treats only of those human susceptibilities and appetences [desires]
which are similar or analogous to those.., in the brute creation;.., it never attempts to
enter those higher paths of human conduct which are guided by morality, or by
religion.” R. Jennings, Natural Elements of Political Economy (London, 1855), p. 41.
o “My present purpose is accomplished in . . . assigning a proper place to the pleasures
and pains with which the Economist deals. It is the lowest rank of feelings which we
, treat...” W. S. Jevons, The Theory of Political Economy (1871); (4th ed.; London:
Macmillan &Co., 1911), p. 26.
o Economics: “dealing with the lower elements of human nature.” F. Y. Edgeworth,
Mathematical Psychics (London, 1881), pp. 52-53.
Topics covered by lectures
Ethical aspects of economics
Economic methodology 3. Rationality
,Why philosophy? Two reasons
1. Methodological:
in the private sector, you will use the toolbox of economic methods,
concepts, models etc. for explanations, predictions, and or interventions
(policy).
be aware of the strength of your methods, concepts and models
& their limitations and weaknesses
assess criticism
o such as that levelled against economics after the Great Recession.
Is this criticism warranted?
2.Ethical
Economics is sometimes accused of promoting egoistical behaviour at the
expense of society. •There are similar criticisms of companies: they are
sometimes accused of being greedy, not taking their social responsibility
seriously. •If you are unaware of the ethical implications of using certain
economic methods, concepts and models, you may unwittingly be endorsing
or promoting behaviour that you would otherwise condemn.
, Tutorial 1
Definition of an argument:
“An argument is a connected series of statements to establish a definite proposition”
In ‘syllogism’ form
Premise: You only argue if I paid
Premise: You’re arguing now
Conclusion: so, I paid
Refute: First premise is false: ‘I could be arguing in my spare time’
Deductive and inductive arguments
Characteristics of a valid deductive argument:
• If the premises are true, the conclusion is necessarily also true
• The conclusion doesn’t contain new information with respect to the premises
Premise: All cats are stubborn
Premise: Eric is a cat
Conclusion: Eric is stubborn
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