This course offers an in-depth discussion of the methodological and ethical foundations of modern economic analysis. After a brief introduction to philosophy of science, we discuss the most important methodological problems in economics, and analyze frequently made scientific errors and biases. Next we focus on normative concepts like economic efficiency and gross domestic product and relate them to ethical concepts such as justice and fairness. We also go deeper into the general relationship between normative economics and social philosophy. Finally, we discuss the scientific importance and political relevance of five major contributions in the history of economic thought (from Adam Smith, Ricardo, Keynes, von Hayek, and Schumpeter).

Faculty:

Gerrit DE GEEST  January 13-16, 2011