Philosophic Issues in Economics
Jun 28, 2008
Over the last thirty years, economists have improved their views significantly in regard to content—but not in regard to method or to economics' basic concepts. Economics as a science desperately needs the application of a proper epistemology. This course explores the application of Objectivist principles of methodology to economics, refuting prominent anti-concepts and proposing the proper conceptualization. Dr. Binswanger covers such topics as: the proper definition of "economics"; is economics "value free"?; what "reduction to the perceptual level" means in economics; "scarcity" and "the Garden of Eden premise"; capitalism and "socially objective value"; the "natural selection" of productive ability; "consumer sovereignty" as altruism; the epistemological meaning of money; the proper definition of "inflation"; "externalities"; "market failure"; the proper concept of "monopoly"; the answer to the "free rider" argument; the "Laffer Curve" as appeasement; the rampant "reification of the zero" in economics.