Reaction Between Philosophy And Economics
CONNECTION BETWEEN PHILOSOPHY AND ECONOMICS
Philosophy is the study of the fundamental nature of knowledge, reality and existence, especially when considered as an academic discipline. But one can also say that it is not simply a theory about something, nor it is a belief or a wish. It is an activity of thought. Philosophy is a discipline concerned with questions of how one should live (ethics); what sorts of things exist in this world and what is their essential nature and what are the correct principles of reasoning. Whereas, Economics is a discipline that can help us answer these questions. Economics can be defined as a study of scarcity, the study of how people use resources and the study of decision making. Economics often involves topics like wealth, finance, recession and banking leading to the misconceptions that economics is all about money and stock market.
Economics and Philosophy have a deep connection since the time economics has evolved as a separate discipline. Adam Smith who is regarded as the father of Modern economics, gave the idea of the basic social principle of sympathy which holds the society together. Smith understood the importance of ethics and gave it a major …show more content…
It also studies the ontology of economic phenomena and the possibilities of acquiring knowledge from them. Ontology means the study of nature of being, becoming, as well as basic categories of being and their relationship. The philosophy of economics intersects with several different areas of philosophy, including the philosophy of science, ethics, and social philosophy. The primary focus of the field is on the methods, concepts, and theories of economists. Second, philosophy of economics is concerned with values—the values of human welfare, social justice, and the trade-offs among priorities that economic choices
Philosophy is the study of the fundamental nature of knowledge, reality and existence, especially when considered as an academic discipline. But one can also say that it is not simply a theory about something, nor it is a belief or a wish. It is an activity of thought. Philosophy is a discipline concerned with questions of how one should live (ethics); what sorts of things exist in this world and what is their essential nature and what are the correct principles of reasoning. Whereas, Economics is a discipline that can help us answer these questions. Economics can be defined as a study of scarcity, the study of how people use resources and the study of decision making. Economics often involves topics like wealth, finance, recession and banking leading to the misconceptions that economics is all about money and stock market.
Economics and Philosophy have a deep connection since the time economics has evolved as a separate discipline. Adam Smith who is regarded as the father of Modern economics, gave the idea of the basic social principle of sympathy which holds the society together. Smith understood the importance of ethics and gave it a major …show more content…
It also studies the ontology of economic phenomena and the possibilities of acquiring knowledge from them. Ontology means the study of nature of being, becoming, as well as basic categories of being and their relationship. The philosophy of economics intersects with several different areas of philosophy, including the philosophy of science, ethics, and social philosophy. The primary focus of the field is on the methods, concepts, and theories of economists. Second, philosophy of economics is concerned with values—the values of human welfare, social justice, and the trade-offs among priorities that economic choices