Philosophy of Economics

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2 Philosophy of Economics Julian Reiss s Philosophy of Economics: A Contemporary Introduction is far and away the best text on the subject. It is comprehensive, well-organized, sensible, and clearly written. It is the first text that I ve ever been eager to use in teaching the subject. I expect that everyone interested in philosophy of economics, whether with a background in philosophy or with a background in economics, will learn a great deal from Reiss s masterful treatment. Daniel M. Hausman, University of Wisconsin-Madison Economists can no longer avoid the agenda of problems in the philosophy of economics, if they ever could. Equally, political and moral philosophers ignore economics at their own intellectual peril. Julian Reiss takes us on an insider s tour of the most important issues in this domain, teaching economists and philosophers what they need to know about how each of their disciplines have an impact on the other. For completeness, currency and clarity, Philosophy of Economics: A Contemporary Introduction cannot be beat. Alex Rosenberg, Duke University Philosophy of Economics: A Contemporary Introduction is the first systematic textbook in the philosophy of economics. It introduces the epistemological, metaphysical and ethical problems that arise in economics, and presents detailed discussions of the solutions that have been offered. Throughout, philosophical issues are illustrated by and analysed in the context of concrete cases drawn from contemporary economics, the history of economic ideas, and actual economic events. This demonstrates the relevance of philosophy of economics both for the science of economics and for the economy. This text will provide an excellent introduction to the philosophy of economics for students and interested general readers alike. Julian Reiss is Professor of Philosophy at Durham University. He has a degree in Economics and Finance from the University of St Gallen and a PhD in Philosophy from the London School of Economics. His main research interests are methodologies of the sciences, philosophy of economics, and science and values. He is the author of Error in Economics: Towards a More Evidence- Based Methodology (2008), Philosophy of Economics: A Contemporary Introduction (2013), and some 40 papers in leading philosophy and social science journals and edited collections.

3 Routledge Contemporary Introductions to Philosophy Series editor: Paul K. Moser, Loyola University of Chicago This innovative, well-structured series is for students who have already done an introductory course in philosophy. Each book introduces a core general subject in contemporary philosophy and offers students an accessible but substantial transition from introductory to higher-level college work in that subject. The series is accessible to non-specialists and each book clearly motivates and expounds the problems and positions introduced. An orientating chapter briefly introduces its topic and reminds readers of any crucial material they need to have retained from a typical introductory course. Considerable attention is given to explaining the central philosophical problems of a subject and the main competing solutions and arguments for those solutions. The primary aim is to educate students in the main problems, positions and arguments of contemporary philosophy rather than to convince students of a single position. Ancient Philosophy Christopher Shields Classical Philosophy Christopher Shields Classical Modern Philosophy Jeffrey Tlumak Continental Philosophy Andrew Cutrofello Epistemology Third Edition Robert Audi Ethics Second Edition Harry J. Gensler Metaphysics Third Edition Michael J. Loux Philosophy of Art Noël Carroll Philosophy of Biology Alex Rosenberg and Daniel W. McShea Philosophy of Economics Julian Reiss Philosophy of Language Second Edition Willam G. Lycan

4 Philosophy of Mathematics Second Edition James Robert Brown Philosophy of Mind Third Edition John Heil Philosophy of Perception William Fish Philosophy of Psychology José Luis Bermudez Philosophy of Religion Keith E. Yandell Social and Political Philosophy John Christman Forthcoming: Free Will Michael McKenna Metaethics Mark van Roojen Moral Psychology Valerie Tiberius Philosophy of Literature John Gibson Philosophy of Science Third Edition Alex Rosenberg

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6 Philosophy of Economics A Contemporary Introduction Julian Reiss

7 First published 2013 by Routledge 711 Third Avenue, New York, NY Simultaneously published in the UK by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN Routledge is an imprint of the Taylor & Francis Group, an informa business 2013 Julian Reiss has been asserted by him in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks and explanation without intent to infringe. Library of Congress Cataloguing in Publication Data Reiss, Julian. Philosophy of economics : a contemporary introduction / By Julian Reiss. -- 1st ed. p. cm. -- (Routledge Contemporary Introductions to Philosophy) Includes bibliographical references and index. 1. Economics--Philosophy. I. Title. HB72.R dc23 ISBN: (hbk) ISBN: (pbk) ISBN: (ebk) Typeset in Garamond Pro and Gill Sans by Bookcraft Ltd, Stroud, Gloucestershire

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10 Contents List of Figures List of Tables Acknowledgments xiv xv xvi 1 The Why, What and How of Philosophy of Economics 1 Overview 1 Two Opposing Paradigms 2 The Philosophy of Economics: Interpreting Theory, Methodology and Ethics 6 The Aims of Economics and the Problem of Purpose 8 Study Questions 11 Suggested Readings 11 PART I Interpreting Economic Theory 13 2 Explaining Economic Phenomena 15 Overview 15 Explanation as an Aim of Economics 16 Phenomena 17 Why-Questions, Explanandum and Explanans 19 The D-N Model and Its Discontents 23 Conclusions 25 Study Questions 26 Suggested Readings 26