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Questions tagged [philosophy-of-economics]

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21 votes
9 answers
5k views

Is economics a science?

In class, I made the argument that economics is not science, because it cannot undertake repeatable experiments. Someone rebutted: this would mean that I am ignore an emerging body of work, some by ...
Aleesha's user avatar
  • 235
16 votes
3 answers
3k views

What are the main points of contention between Marxist and capitalist economic philosophies?

What are the main points of contention between Marxist economic philosophy and the various "pro-capitalist" economic philosophies (Labor Theory of Value, Austrian School, Libertarianism, etc.?)
Joseph Weissman's user avatar
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11 votes
6 answers
3k views

What are some good books on the philosophy of economics?

I'm a college student of physics, and I'm looking to expand my horizon in the field of philosophy of economics, so, what books would you recommend for newbies like me? I was thinking in history of ...
Albert o's user avatar
  • 113
10 votes
11 answers
2k views

Why are Objectivists against Socialism?

From what I understand, Objectivism advocates rational selfishness - to put yourself before the masses, unless you don't want to - essentially to do what you want instead of blind altruism. In the ...
dfg's user avatar
  • 209
8 votes
4 answers
2k views

Why can't (or shouldn't) economists answer normative questions?

Normative questions are those which: affirm how things should or ought to be, how to value them, which things are good or bad, which actions are right or wrong. Normative is usually contrasted ...
Turukawa's user avatar
  • 251
7 votes
2 answers
1k views

Is it immoral to pay taxes if your government conducts immoral activities?

Assume your government participates in immoral wars that are unjust according to your personal beliefs and religious doctrine (for example Christian just war theory), is giving support to the ...
user1689987's user avatar
7 votes
5 answers
373 views

Philosophical framework for avoiding short-term strategies

In business and politics, often decision-makers make decisions that cause short-term gain, but long-term loss. So economically, this might be an unreasonable (lossy) and thus irrational process. Is ...
tkruse's user avatar
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6 votes
8 answers
4k views

Is it immoral to buy / own / sell stock in an evil company?

Scenario. I have decided that I should not buy widgets from Company X because I do not want to support various immoral things Company X does to produce said widgets. Claim. It is nonetheless morally ...
user10476's user avatar
6 votes
7 answers
3k views

Does capitalism have an end goal?

Occasionally I find that things such as "incentives" in a capitalist economy are as if they would be directed to a certain outcome or certain outcomes. E.g. that profit incentives matter only in so ...
mavavilj's user avatar
  • 3,036
6 votes
6 answers
2k views

Whats the difference between fixed and constant capital?

Rosa Luxembourg in The Accumulation of Capital describes & investigates the constant and fixed capital of Marx & Smith respectively. With Marx, she says Constant capital is the value ...
Mozibur Ullah's user avatar
6 votes
5 answers
2k views

What responses have there been to Mises' theory of praxeology?

In his treatise Human Action, Austrian School economist Ludwig von Mises attempts to establish economics not as an empirical science, or a mathematical theory, but as a synthetic a priori endeavor he ...
Keshav Srinivasan's user avatar
6 votes
1 answer
457 views

Does rational choice theory stack up against reality?

Rational choice theory has been criticised on the grounds that "consumers are not rational, so doesn't make much sense because utility functions can't model consumer preferences." But is there actual ...
user avatar
6 votes
5 answers
3k views

What is an example of human labour being the exclusive source of surplus value

Marx's labour theory seems to define surplus value as being produced exclusively from human labour. One discussion of this concept stated: Machinery, and tools of production do not create surplus ...
LaserJesus's user avatar
5 votes
1 answer
15k views

What does Marxism envision as the role of the state in the economy?

According to Marx, in capitalism, what role does the state play? Is it independent of the economy? Also, does the exploitation of the proletariat by the bourgeoisie, have anything to do with the state ...
user avatar
5 votes
2 answers
384 views

What arguments have there been on the relative merits of praxeology vs rationality?

Suppose you know what someone's goals are, and how much they value each of their goals. Then if you observe their behavior in a given situation, how can you understand why they acted the way they did?...
Keshav Srinivasan's user avatar
5 votes
2 answers
242 views

Mass surveillance and the concealed subject of power

In Spivaks essay, can the Subaltern speak, she states that: [the] contemporary invocations of the libidinal economy and desire as the determining interest, combined with practical politics of the ...
Mozibur Ullah's user avatar
5 votes
1 answer
129 views

The mass surveillance of price and the invisible hand?

In Hayeks Road to Serfdom, he distinguishes between central planning & decentralised planning. And states that decentralised planning makes the most sense, since the available information is too ...
Mozibur Ullah's user avatar
5 votes
4 answers
250 views

What philosophers and schools have considered 'transcendental' economic values?

Background Settle a bet- more likely; enrich a debate. A friend of mine (a philosophy PhD with a penchant for economics) and I have been arguing for some time on the same topic. He is a libertarian ...
Tom Boardman's user avatar
  • 1,542
4 votes
8 answers
225 views

Does determinism nullify the science of economics?

The science of economics is based on the assumption that people can make choices. But, for someone like me who believes that the universe is deterministic, this assumption is false, or at least I ...
user107952's user avatar
  • 7,044
4 votes
2 answers
203 views

On capturing the concept of eudaimonia empirically

In recent years, the social sciences have gained traction at painting an empirical picture of ethical concepts that before (albeit not forever) had been treated a-priori. I think of competing theories ...
user avatar
4 votes
4 answers
1k views

Philosophical critiques of neoclassical economics?

Background Information In his article on Neoclassical economics in The Library of Economics and Liberty, E.Weintraub articulates the following: Neoclassical economics rests on three assumptions, ...
Five σ's user avatar
  • 1,146
4 votes
2 answers
381 views

Was the Communist Manifesto actually representative of Marx's ideology?

The Communist Manifesto (TCM, from here on) has become the most well-known work by Karl Marx - even more so than Kapital. However, I'm wondering if it is it correct to call the points laid out by the ...
galois's user avatar
  • 143
4 votes
5 answers
625 views

Will automation emancipate us from labour?

In the The Human Condition, Arendt writes: The danger that the modern age's emancipation of labour will not only fail to usher in an age of freedom for all but will result, on the contrary, in ...
Mozibur Ullah's user avatar
4 votes
5 answers
451 views

Does this count as a critique of Marxs Labour theory of value?

Marxs theory of value uses the input of Labour as determinining Production Value. But what if we can do away with Labour? For example, consider a perfectly automated factory producing mugs. This ...
Mozibur Ullah's user avatar
4 votes
3 answers
164 views

Are there objective-criteria for criticizing people's "market behavior"?

Are there objective-criteria for criticizing people's "market behavior"? That is, is there a set of criteria that one can objectively refer to as measuring, whether the "contribution" of a member is ...
mavavilj's user avatar
  • 3,036
4 votes
3 answers
177 views

Adam Smith: If humans are self-interested individuals, why should we reinvest our wealth?

According to Adam Smith, humans are self-interested individuals. If this is true, why does he argue that people should reinvest their wealth? How does this benefit a self-interested individual? Does ...
user316583's user avatar
4 votes
2 answers
97 views

The future of my philosophical understanding and methods for getting there

I am trying to go through a semi-rigorous self-teaching regimen, and I was wondering if I could get some criticism on my approach. I'm interested in philosophy of economics, social philosophy, and ...
Sketchyfish's user avatar
4 votes
2 answers
213 views

Are methodological individualism and materialism compatible?

One of the fundamental principles of the Austrian school of economics, particularly the kind promoted by Ludwig von Mises and Murray Rothbard, is methodological individualism, according to which the ...
Keshav Srinivasan's user avatar
4 votes
2 answers
313 views

Is there an ethical difference between taking away and withholding?

Has anyone in contemporary ethics discussed whether or not there is a difference between (1) taking something away (e.g., stealing $100) or withholding something (e.g., refusing to pay $100 of taxes)?
alephmembeth's user avatar
4 votes
3 answers
2k views

Why are humans risk-averse? [closed]

The economic theory and much of the decision theory are based on the assumption that we are risk-averse creatures; in the sense that we are more sensitive to bad outcomes than the good ones and so ...
omar's user avatar
  • 43
3 votes
6 answers
1k views

Can a "blood diamond" ever be redeemed for morally good purposes?

I'm looking at the concept of how bad money (blood diamonds for example) relates to good money, and how a transfer from one to the other would occur. Premise & Example I don't want to ...
makerofthings7's user avatar
3 votes
3 answers
6k views

Difference between Utilitarianism and Capitalist justice

I am a student of econometrics and I'm studying the philosophy of economics. This week I have exams, and I was reviewing last year's exam to practice. I ran into this question: One of the arguments ...
Lotte Laat's user avatar
3 votes
3 answers
131 views

Is Tipping Morally Justifiable?

Those subscribing more to an individualistic rather than cosmopolitan conception of capitalism often make utilitarian claims for justifying the moral practice of tipping. In light of utilitarian ...
Paradox Lost's user avatar
  • 2,045
3 votes
4 answers
250 views

Multidimensional value money

When I was a kid, I had a feeling that money was not that important, but the majority of people around me kept saying the opposite. So I thought that I just did not understand them. Now that I have ...
Bram E Pramono's user avatar
3 votes
1 answer
143 views

Where does Adorno find this quote of Marx?

In Negative Dialectics, Adorno quotes Marx as saying: even if a society has found a natural law of motion - and the present works ultimate goal is to unveil the law of modern society economic motion -...
Mozibur Ullah's user avatar
3 votes
3 answers
224 views

Economics, State and Violence

I think it was the continental sociologist Weber who defined a State as that organ of a nation that has a monopoly of violence. Economics, at least what minute fraction I know, appears to ignore ...
Mozibur Ullah's user avatar
3 votes
2 answers
333 views

How can laissez-faire capitalism not turn to corporatocracy?

An idea of corporatocracy (pretty dystopian) exists in some movies and videogames. Typically huge corporations ar epresented as having own armies and those armies can force citizens do their work. We ...
rus9384's user avatar
  • 2,656
3 votes
1 answer
1k views

Philosophy of Chankya/Kautilya [closed]

I have heard and also read a little that in 500 B.C. an Indian genius Chankya, caused the fall of Magdha empire, and made a street guy The king named Chandragupta. He was an exceptional strategist and ...
Bhaskar Vashishth's user avatar
3 votes
4 answers
520 views

Is it ethical to block ads while still consuming content?

When browsing the web, many users block advertisements for a surprisingly wide variety of reasons. The site operator can send the user whatever they want, often a mix of the sought after content, good ...
Dan Ross's user avatar
  • 221
3 votes
3 answers
6k views

How does Marxist Economics account for taxation?

In Marxs theory of Capital, he suggests that the origin of profit (in a factory) is surplus labour. (A factory may as well be a company, a record label or a health-care unit). The government by ...
Mozibur Ullah's user avatar
3 votes
3 answers
152 views

Is it morally correct to use inflation to motivate people to buy more and expand the economy? [closed]

In the economy a low inflation rate is always considered not only a good thing, but also necessary to the economic. Because in zero or negative inflation rates people may tend to hold their money and ...
Amir reza Riahi's user avatar
2 votes
4 answers
131 views

What should the value of a private sector company tell us?

This question bridges both philosophy and economics. Please see original question on the economics website, it includes extra comments and discussion. Looking for critique and reading suggestions: ...
DVCITIS's user avatar
  • 155
2 votes
3 answers
294 views

Is there such a thing as the philosophy of economics, and if so, can I read some texts on it?

I understand that there is a philosophy behind pretty much every science, like philosophy of physics and philosophy of biology. So, what about the philosophy of economics? Is there such a thing, and ...
user107952's user avatar
  • 7,044
2 votes
4 answers
609 views

Marxism - primary contradiction of capitalism

After writing a long post, i decided to keep only the summary : I understand that in the marxist framework a mode of production is constituted by : the relations of production the productive forces ...
joseph M'Bimbi-Bene's user avatar
2 votes
5 answers
6k views

Who owns the means of production?

Labour is Marxs term for those who do not own the means of production and thus rely on their own labour - ie they are wage earners. What is his term for those who do own the means of production? Its ...
Mozibur Ullah's user avatar
2 votes
2 answers
242 views

What would an economics that takes buddhism seriously look like?

Capitalism is predicated on desire, and on maintaining that desire. Buddhism turns away from desire. Has anyone written anything that takes Buddhism seriously enough to make it the centre of their ...
Mozibur Ullah's user avatar
2 votes
4 answers
2k views

What's the purpose of economics / How is economics useful to humans? [closed]

What is the purpose of economics? By purpose I mean having a purpose in a similar sense that eating and producing food has a purpose for survival. What does economics produce? How does it help ...
mavavilj's user avatar
  • 3,036
2 votes
3 answers
704 views

What is Capital?

One hears a great deal about Capitalisms and anti-capitalisms; but what do these terms actually mean? Have these terms been so used and abused that they now mean very little? Can I just think of ...
Mozibur Ullah's user avatar
2 votes
2 answers
191 views

What is meant by Georg Simmel’s philosophy of money?

I am reading a book about how money works that contains a brief summary of Georg Simmel’s Philosophy of Money: “Published in 1900, German sociologist Georg Simmel's book The Philosophy of Money looked ...
Anthony Fallone's user avatar
2 votes
2 answers
121 views

Were there philosophers who claimed that trading is immoral?

In a glimpse this might seem an absurd question because almost anyone anywhere in this world, trades, but, Where there philosophers who claimed that trading is immoral? Who claimed that the very act ...
Alkalix's user avatar
  • 21