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Morality and Value Neutrality in Economics: A Dualist View

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  • Li, Cheng

Abstract

In this paper, we argue that economics exhibits the properties of both moral science and value-free technique, thereby establishing a dualist view on the two identities of economics. This duality is implied by the fundamental logic of the economic way of thinking − investigating human behavior upon the means-end rationality principle. In this view, on the one hand, economics behaves as a moral science for two reasons: all economic theories and policy discussions are necessarily based on some moral premises about means-end considerations; economics as an analytical approach can be and has been applied to explanations of a wide range of ethical issues. On the other hand, economics remains neutral regarding judgmental positions. This is because economists cannot deal with the comparisons and choices among different value criteria, unless some ethical presuppositions of higher order are given to them. Therefore, economics is indeed featured by both morality and value neutrality.

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  • Li, Cheng, 2015. "Morality and Value Neutrality in Economics: A Dualist View," MPRA Paper 67264, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:67264
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    Cited by:

    1. Cheng LI, 2020. "The rationality principle as a universal grammar of economic explanations," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 13(2), pages 58-80, November.

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    More about this item

    Keywords

    Methodology; Rationality; Moral science; Value-free approach;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D60 - Microeconomics - - Welfare Economics - - - General

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