Economics as Moral Science

Economics as Moral Science investigates the problem of the ethical neutrality of "mainstream" economic theory within the context of the methodology of economics as a science. Against the conventional wisdom, the author argues that there are serious moral presuppositions to the theory, but that economics could still count as a scientific or rational form of inquiry. The basic questions addressed - the ethical implications of economics, its status as a scientific mode of theory-construction, and the relation between these factors - are absolutely fundamental ones for an understanding of contemporary economics, the philosophy of the human sciences, and our current market culture. Moreover, the study provides a thorough philosophical analysis of the critical issues at stake from the inside, from the credible perspective of a particular, but foundational economic theory - the neoclassical theory of rational choice.

Introduction.- Theory-Construction in Economic Science.- Rationality, Values, and Economic Theory.- The Intrasigence of Evaluative Concepts.- The Ethical Content of 'Formal' Structures.- Teleology and Utilitarian Economics.- Functionalism and the 'Systems Approach'.- Reasons, Causes, and Economic Methodology.- Justification, Obligation and Consumer Motivation.- The Problems Related.- Essential Statements and Holistic Theory.- Economic Uncertainty and Logical Structure.- Economic Uncertainty and Consumer Autonomy.- From Normative Theory to Empirical Science.- Neo-classical Economics and Scientific Utopias.- Neo-classical Economics and the Rational Justifiability of Moral Principles.- Conclusion.