||Philosophy of economics is a study of any philosophical issue that arises in connection with the discipline of economics. Currently it has three core areas: foundations, methodology and ethics. Foundations of economics encompass conceptual and metaphysical questions such as the 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, following on the traditional questions in philosophy of science, 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.