Economics and Philosophic Value
Aug 12, 1995
Throughout history economists have viewed economics as everything from a branch of morality to a mathematical science unrelated to ethics. Such false conceptions of economics are a result of the intrinsicist and subjectivist views dominant in ethics. This course examines the proper relation between the two fields. Several issues in the philosophy of economics are explained in order to show this relation. These issues include the relation of moral value, philosophically objective value and socially objective value; the notion of economics as a purely descriptive science; and the fallacy of value-free economics. The course also shows the importance to economics of Ayn Rand's account of objective value.