Philosophy of Economics
A Contemporary Introduction
Philosophers of economics are philosophers whose work focuses on the theoretical, methodological and ethical foundations of economics. It is no accident therefore that I selected criticisms of economics which point to theoretical, methodological and ethical challenges the financial crisis raises. In this section I will explain in slightly more detail what these three branches of philosophy of economics comprise.
The main theoretical framework in economics is given by theories of rational choice. These come in various guises, applicable to situations of certainty, risk, uncertainty, strategic situations and group decisions. To examine the foundations of rational-choice theory means to examine the axioms and principles that underlie such theories, to assess whether they are justifiable as axioms and principles of rational choice and adequate as descriptive accounts of actual choice.