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Making Philosophy Relevant to Economists

Author

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  • Davis, John B.

    (Department of Economics Marquette University
    Department of Economics Marquette University)

Abstract

This chapter discusses how philosophy could influence economists in the future. It emphasizes factors affecting economists’ willingness to incorporate philosophical ideas in economics, and distinguishes a weak case and a strong case for them doing so. Both are tied to behavioral welfare economics’ ‘reconciliation problem’ regarding the relationship between positive and normative economics. The weak case concerns the nature of individual identity in connection with how present bias and weakness of will potentially pit today’s and tomorrow’s selves against one another. The strong case concerns the normative scope of economic policy and expanding policy recommendation beyond its current welfare-only basis. The weak case imposes adjustment on positive economics; the strong case imposes it on normative economics. The paper closes with brief comments on how historically different sciences and fields draw on one another over time.

Suggested Citation

  • Davis, John B., 2024. "Making Philosophy Relevant to Economists," Working Papers and Research 2024-04, Marquette University, Center for Global and Economic Studies and Department of Economics.
    • Handle: RePEc:mrq:wpaper:2024-04
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    File URL: https://epublications.marquette.edu/econ_workingpapers/98
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    More about this item

    Keywords

    economics; philosophy; reconciliation problem; present bias; individual identity; justice; Rawls; institutions; interdisciplinarity;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A33 - General Economics and Teaching - - Multisubject Collective Works - - - Handbooks
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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