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2126 Philosophy and Economics

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"Economic philosophy" includes questions about (a) rational choice, (b) the assessment of economic results, systems and processes, and (c) the ontology of economic phenomena and the possibility of obtaining knowledge about them. While these questions overlap in many respects, it is useful to divide economic philosophy into three topics in a way that can be viewed as theories of action and ethics (or normative social and political philosophy) and as a branch of the philosophy of science. Economic theories of rationality, welfare & social choice defend basic philosophical claims, which are often supported by the relevant philosophical literature. They are clearly of interest to those interested in theories of action, philosophical psychology, and socio-political philosophy. Epistemologists of economics and philosophy of science are especially interested in economic theory because of its detailed characteristics and because it has many of the obvious characteristics of natural science, and its object is a social phenomenon.

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