About this topic
Summary Philosophy of economics is a study of abstract issues that arise in connection to the discipline of economics. It has three core areas: foundations, methodology and ethics. Foundations of economics encompasses conceptual and metaphysical study such as nature of rationality and social ontology, seeking to clarify what we study when we study economics (preferences, individuals, institutions, societies etc?) and their properties and relations to each other. Methodology of economics is concerned with the nature of knowledge that can be attained about the economy and its sources.  The ethical side of philosophy of economics is a study of normative issues such as justice, efficiency, equality, welfare, paternalism, coercion and such, that arise at the intersection of political philosophy and welfare economics.
Key works Daniel Hausman is responsible for much contemporary philosophy of economics. Hausman 2008 is a comprehensive encyclopedia article. Hausman 2008 is an anthology of classic essays all the way back to J.S Mill and Marx. Hausman 2006 is a seminal study of normative assumptions in economics and their critical study. Hausman 1992 kickstarted and still informs many discussions in methodology of economics, for example Reiss 2009 which presents an updated agenda. Mäki 2001 is a collection on the ontology of economics.
Introductions There is now a textbook in philosophy of economics Reiss 2013. Other good introductions to philosophy of economics are just introductions to philosophy of social science. I favor Rosenberg 1995, Little 1991, and Elster 2007.
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Subcategories:See also:History/traditions: Philosophy of Economics
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  1. V. Acharya Viral & M. Richardson (2009). Causes of the Financial Crisis. Critical Review 21 (2).
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  2. Avishalom Adam, Brian Baigrie, Alf Bång, H. I. Brown, K. O. L. Burridge, Ferrell Christenson, Richard Collins, Wesley Cragg, Jane Duran & Fred Eidlin (1999). Refereeing in 1996. Philosophy of the Social Sciences 29 (1):160-161.
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  3. Jonathan H. Adler (2012). Is the Common Law a Free-Market Solution to Pollution? Critical Review 24 (1):61-85.
    Whereas conventional analyses characterize environmental problems as examples of market failure, proponents of free-market environmentalism (FME) consider the problem to be a lack of markets and, in particular, a lack of enforceable and exchangeable property rights. Enforcing property rights alleviates disputes about, as well as the overuse of, most natural resources. FME diagnoses of pollution are much weaker, however. Most FME proponents suggest that common-law tort suits can adequately protect private property and ecological resources from pollution. Yet such claims have (...)
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  4. Nabil I. Al-Najjar & Pierluigi Barrotta (2009). Anna Alexandrovais an Assistant Professor in the Philosophy Department of the University of Missouri St Louis. She Works on the Philosophy of Economics and Psychology. Her Recent Papers Appeared in Philosophy of Science, Philosophical Psychology and the Journal of Philosophy of History. [REVIEW] Economics and Philosophy 25:411-413.
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  5. Nabil I. Al-Najjar & Jonathan Weinstein (forthcoming). The Subjective Approach to Ambiguity: A Critical Assessment. Economics and Philosophy.
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  6. Hans Albert (1985). On Using Leibniz in Economics. Comment on Peter Koslowski. In Peter Koslowski (ed.), Economics and Philosophy. J.C.B. Mohr. 7--68.
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  7. J. McKenzie Alexander (2006). The Stag Hunt and the Evolution of Social Structure, Brian Skyrms. Cambridge University Press, 2004, 149 Pages. [REVIEW] Economics and Philosophy 22 (3):441-448.
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  8. Joel Anderson (2010). Review of Richard Thaler and Cass Sunstein: Nudge: Improving Decisions About Health, Wealth, and Happiness. [REVIEW] Economics and Philosophy 26:369-376.
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  9. Richard G. Anderson, William H. Greene, Bruce D. McCullough & Hrishikesh D. Vinod (2008). The Role of Data/Code Archives in the Future of Economic Research. Journal of Economic Methodology 15 (1):99-119.
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  10. E. Angner (2002). Review of Alan Ebenstein's Friedrich Hayek: A Biography. [REVIEW] Economics and Philosophy 18 (2):381-385.
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  11. G. A. Antonelli (1993). Review of Robert Koons's Paradoxes of Belief and Strategic Rationality. [REVIEW] Economics and Philosophy 9:305-305.
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  12. Dominick T. Armentano (1992). Anti‐Antitrust: Ideology or Economics? Reply to Scherer. Critical Review 6 (1):29-39.
    F.M. Scherer has not effectively rebutted my subjectivist criticism of the standard microeconomic welfare model; Scherer's historical reference to what Congress (allegedly) believed is irrelevant to the theoretical concerns raised by subjectivism. Nor does my ?principal? criticism of antitrust policy rests on ?philosophical foundations?; my principal criticism rests on conventional economic analysis and a detailed economic history of the classic antitrust cases. My conclusion that the electrical equipment conspiracy of the late 1950s had no significant effect on market prices is (...)
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  13. N. Scott Arnold (1988). Reply to Professor Putterman. Economics and Philosophy 4 (02):337-.
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  14. N. Scott Arnold (1987). Final Reply to Professor Schweickart. Economics and Philosophy 3 (02):335-.
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  15. N. Scott Arnold (1987). Further Thoughts on the Degeneration of Market Socialism: A Reply to Schweickart. Economics and Philosophy 3 (02):320-.
  16. Kenneth J. Arrow (1991). Is Individual Choice Less Problematic Than Collective Choice? Economics and Philosophy 7:143-165.
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  17. John R. Atherton, Elaine L. Graham & Ian Steedman (eds.) (2010). The Practices of Happiness: Political Economy, Religion and Wellbeing. Routledge.
    These essays explore the religious dimensions to a number of key features of well-being, including marriage, crime and rehabilitation, work, inequality, mental ...
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  18. Daniel Attas & Avner de-Shalit (2004). Workfare: The Subjection of Labour. Journal of Applied Philosophy 21 (3):309-320.
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  19. Robin Attfield (1984). Work and the Human Essence. Journal of Applied Philosophy 1 (1):141-150.
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  20. R. E. Backhouse (2000). Reaffirming the Englightenment Vision A Review of Edward O. Wilson's Consilience: The Unity of Knowledge. Journal of Economic Methodology 7 (1):153-156.
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  21. Roger E. Backhouse (2011). On Page 314 of 'A Formative Decade: Methodological Controversy in the 1930s' by TW Hutchison (2009, Journal of Economic Methodology, 16 (3), 297–314), It Was Stated That the Item Listed as Schutz (1950) Had Not Been Identified. Ahmet Güner Sayar has Just Pointed Out to Me That This Obituary Was Published in Social Research and That the Correct Bibliographic Entry Should Be. [REVIEW] Journal of Economic Methodology 18 (2):201.
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  22. Roger E. Backhouse (2000). Symposium: Data Mining. Journal of Economic Methodology 7 (2):171-277.
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  23. Roger E. Backhouse (1996). Economics and the Antagonism of Time: Time, Uncertainty and Choice in Economic Theory, Douglas Vickers. University of Michigan Press, 1994, X + 272 Pages. [REVIEW] Economics and Philosophy 12 (01):119-.
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  24. Roger Backhouse, Mark Blaug, John Davis, Sheila Dow, Daniel Hausman & Deirdre McCloskey (2000). International Network for Economic Method. Journal of Economic Methodology 7 (3):465-467.
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  25. D. Baker (1994). Review of James A. Caporaso and David P. Levine's Theories of Political Economy. [REVIEW] Economics and Philosophy 10:354-354.
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  26. Dean Baker (1994). Theories of Political Economy, James A. Caporaso and David P. Levine. Cambridge: Cambridge University Press, 1992, Viii + 243 Pages. [REVIEW] Economics and Philosophy 10 (02):354-.
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  27. Nicholas Bardsley (2007). Teamwork: Multi-Disciplinary Perspectives, Edited by Natalie Gold. Palgrave Macmillan, 2005, XXVI+253 Pages. [REVIEW] Economics and Philosophy 23 (2):237-240.
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  28. Eric Barnes (2000). Ruling Passions: A Theory of Practical Reason, Simon Blackburn. Clarendon Press, 1998, 344 Pages. [REVIEW] Economics and Philosophy 16 (2):333-378.
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  29. Harry Elmer Barnes (1917/1974). Sociology Before Comte. Revisionist Press.
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  30. Jonathan Baron (1998). Utilitarianism as a Public Philosophy, Robert E. Goodin. Cambridge University Press, 1995, 352 + Xii Pages. Economics and Philosophy 14 (01):151-.
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  31. Jonathan Baron (1996). Norm-Endorsement Utilitarianism and the Nature of Utility. Economics and Philosophy 12 (02):165-.
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  32. Martin Barrett & Daniel Hausman (1990). Making Interpersonal Comparisons Coherently. Economics and Philosophy 6 (02):293-.
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  33. Pierluigi Barrotta (2009). The Pursuit of Unhappiness. The Elusive Psychology of Well-Being , Daniel M. Haybron. Oxford University Press, 2008, XV + 357 Pages. [REVIEW] Economics and Philosophy 25 (3):378-384.
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  34. Pierluigi Barrotta (2008). Why Economists Should Be Unhappy with the Economics of Happiness. Economics and Philosophy 24 (2):145-165.
    The economics of happiness is an influential research programme, the aim of which is to change welfare economics radically. In this paper I set out to show that its foundations are unreliable. I shall maintain two basic theses: (a) the economics of happiness shows inconsistencies with the first person standpoint, contrary claims on the part of the economists of happiness notwithstanding, and (b) happiness is a dubious concept if it is understood as the goal of welfare policies. These two theses (...)
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  35. Pierluigi Barrotta (1998). Parsons on Mises and Kant: A Comment. Economics and Philosophy 14 (01):127-.
  36. Pierluigi Barrotta (1996). A Neo-Kantian Critique of Von Mises's Epistemology. Economics and Philosophy 12 (01):51-.
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  37. Kaushik Basu (2010). The Moral Basis of Prosperity and Oppression: Altruism, Other-Regarding Behaviour and Identity. Economics and Philosophy 26 (2):189-216.
    Much of economics is built on the assumption that individuals are driven by self-interest and economic development is an outcome of the free play of such individuals. On the few occasions that the existence of altruism is recognized in economics, the tendency is to build this from the axiom of individual selfishness. The aim of this paper is to break from this tradition and to treat as a primitive that individuals are endowed with the , which allows them to work (...)
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  38. Yota Batsaki (2009). A Heap of Worthless Fragments : The Nineteenth-Century Literary Revaluation of the Classical Statue. In Jack Amariglio, Joseph W. Childers & Stephen Cullenberg (eds.), Sublime Economy: On the Intersection of Art and Economics. Routledge.
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  39. Eddie K. Baumann (1998). A Comparison of Economic Problem Solving in Experts and Naïve Thinkers. Journal of Social Studies Research 56 (2).
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  40. Sebastiano Bavetta (2009). Discretionary Time: A New Measure of Freedom , Robert Goodin, James Mahmud Rice, Antti Parpo, and Lina Eriksson. Cambridge: Cambridge University Press, 2008, 484 Pages. [REVIEW] Economics and Philosophy 25 (3):384-389.
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  41. Clive Beed & Cara Beed (1996). A Christian Perspective on Economics. Journal of Economic Methodology 3 (1):91-112.
    Abstract Informed by theological perspectives and influenced by various schools of thought in economics, attempts have been made in recent decades to develop Christian understanding of economic matters. This paper explores some aspects of a Christian philosophy and methodology about economic issues, and concludes that they are incommensurable with secular thinking about the subject. Three propositions are investigated to demonstrate this contention. First is the inseparable interconnection in Christian thinking between the spiritual and material dimensions of human life; second is (...)
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  42. Eric D. Beinhocker (2014). Reflexivity, Complexity, and the Nature of Social Science. Journal of Economic Methodology 20 (4):330-342.
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  43. Charles R. Beitz (1986). Resources, Values and Development. Amartya Sen, Cambridge, Mass.: Harvard University Press, 1984, 547 Pages. [REVIEW] Economics and Philosophy 2 (02):282-.
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  44. Michael Benedikt (1996). Complexity, Value, and the Psychological Postulates of Economics. Critical Review 10 (4):551-594.
    Abstract Does the contemporary built environment?the ensemble of our humanly created surroundings?make us happy? This question prompts a consideration of the psychological dimensions of economic value, and of Tibor Scitovsky's revisions of standard economic theory. With Scitovsky as a starting point, a model of value based on modern complexity theory and a Maslow?like rendition of human needs can account for some of the more important exceptions to the law of diminished marginal utility, including those that may undermine the built environment (...)
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  45. Jeremy Bentham & Dan Usher (1999). Why'law and Economics'is Not the Frankenstein Monster. Economics and Philosophy 15:249-267.
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  46. Cristina Bicchieri & Alex K. Chavez (2013). Norm Manipulation, Norm Evasion: Experimental Evidence. Economics and Philosophy 29 (2):175-198.
    Using an economic bargaining game, we tested for the existence of two phenomena related to social norms, namely norm manipulation and norm evasion – the deliberate, private violation of a social norm. We found that the manipulation of a norm of fairness was characterized by a self-serving bias in beliefs about what constituted normatively acceptable behaviour, so that an individual who made an uneven bargaining offer not only genuinely believed it was fair, but also believed that recipients found it fair, (...)
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  47. John Bickle (2008). Anna Alexandrova is an Assistant Professor in Philosophy at the University of Missouri St. Louis. Her Research Focuses on the Use of Formal Models for Explanation and Policy Making in Economics and Also on the Measurement of Happiness and Well-Being. Her Recent Papers Are Appearing in Philosophy of Science, Philosophical Psychology, and the Journal. [REVIEW] Economics and Philosophy 24:545-547.
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  48. K. Binmore (2002). Using Game Theory in Social Science A Review of Kaushik Basu's Prelude to Political Economy. Journal of Economic Methodology 9 (3):379-383.
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  49. Ken Binmore (2009). Review Symposium. Journal of Economic Methodology 16 (2):207-219.
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  50. Ken Binmore (2005). What Price the Moral High Ground? Ethical Dilemmas in Competitive Environments, by Robert H. Frank. Princeton and Oxford: Princeton University Press, 2004, XII + 203 Pages. [REVIEW] Economics and Philosophy 21 (2):309-311.
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