Philosophy of Economics
A.Y. 2022/2023
Learning objectives
The course aims at familiarizing students with the main philosophical debates concerning the status of economics as a science, as well as its moral and political dimension.
Expected learning outcomes
Knowledge and understanding
At the end of the course the students
- will learn to analyse and evaluate critically the main epistemological and normative critiques of mainstream (neoclassical) economics, as well as the main arguments in its favour;
- will understand arguments concerning the use of idealized models and the problems faced by social scientists when they try to forecast economic events;
- will learn the difference between nomological and causal explanations, and the pros and cons of theory-testing in the laboratory and in the field.
- will understand the main arguments in favour of market institutions, as well as the critiques that highlight their limits;
- will know how different conceptions of welfare, equality and justice play a role in the evaluation of economic policies.
Ability to apply knowledge and understanding
At the end of the course the students
- will be able to analyse and critically assess the main arguments brought in favour and against different philosophical positions concerning the methodology of economics and the normative evaluation of economic policies;
- will be able to identify the ways in which these debates may be resolved, and how their solutions may contribute to scientific progress and understanding;
- will be able to present the main arguments independently, satisfying the main requirements of scholarly writing.
At the end of the course the students
- will learn to analyse and evaluate critically the main epistemological and normative critiques of mainstream (neoclassical) economics, as well as the main arguments in its favour;
- will understand arguments concerning the use of idealized models and the problems faced by social scientists when they try to forecast economic events;
- will learn the difference between nomological and causal explanations, and the pros and cons of theory-testing in the laboratory and in the field.
- will understand the main arguments in favour of market institutions, as well as the critiques that highlight their limits;
- will know how different conceptions of welfare, equality and justice play a role in the evaluation of economic policies.
Ability to apply knowledge and understanding
At the end of the course the students
- will be able to analyse and critically assess the main arguments brought in favour and against different philosophical positions concerning the methodology of economics and the normative evaluation of economic policies;
- will be able to identify the ways in which these debates may be resolved, and how their solutions may contribute to scientific progress and understanding;
- will be able to present the main arguments independently, satisfying the main requirements of scholarly writing.
Lesson period: Second semester
Assessment methods: Esame
Assessment result: voto verbalizzato in trentesimi
Single course
This course cannot be attended as a single course. Please check our list of single courses to find the ones available for enrolment.
Course syllabus and organization
Single session
Responsible
Lesson period
Second semester
Course syllabus
- Equilibria and efficiency
- Welfare economics
- Economic justice
- The limits of markets
- Economic theories and models
- Idealization and explanation
- Causation and econometrics
- Welfare economics
- Economic justice
- The limits of markets
- Economic theories and models
- Idealization and explanation
- Causation and econometrics
Prerequisites for admission
None, but basic knowledge of philosophy of science and/or microeconomics may be of some help
Teaching methods
Lectures and reading seminars
Teaching Resources
This bibliography is preliminary and only indicative. The final syllabus, as well as other useful teaching material, can be found on the Ariel online platform of this course (ariel.unimi.it).
Hausman, D., McPherson, M. and Satz, D. (2017) Economic Analysis, Moral Philosophy, and Public Policy. Cambridge University Press (selected chapters).
· Robbins, L. (1932) An Essay on the Nature and Significance of Economic Science. MacMillan. Chapter 6
· Sen, A. (1999) On Ethics and Economics. Blackwell, Chapter 2.
· Rawls, J. "Distributive Justice", in Ryan (ed.) Justice, Oxford UP 1993; also in Stewarts (ed.) Readings in Political Philosophy.
· Nozick, R. (1974) "Distributive Justice", Philosophy & Public Affairs 3: 45-126.
· Sen, A. (2003) "Development as capability expansion." Readings in Human Development. Concepts, Measures and Policies for a Development Paradigm, pp. 3-16.
· Sandel, M. (1998) "What Money Can't Buy", The Tanner Lectures on Human Values.
· Friedman, M. (1953) "The Methodology of Positive Economics", in Essays in Positive Economics. University of Chicago Press.
· Mäki, U. (2005) "Models are Experiments, Experiments are Models", Journal of Economic Methodology, 12: 303-315.
· Hoover, K. (2001) The Methodology of Empirical Macroeconomics, Chapter 4 ("Causality in Economics"), Cambridge University Press, pp. 91-111.
Non-attending students are also invited to read
· Reiss, J. (2013) Philosophy of Economics: A Contemporary Introduction. Routledge.
Hausman, D., McPherson, M. and Satz, D. (2017) Economic Analysis, Moral Philosophy, and Public Policy. Cambridge University Press (selected chapters).
· Robbins, L. (1932) An Essay on the Nature and Significance of Economic Science. MacMillan. Chapter 6
· Sen, A. (1999) On Ethics and Economics. Blackwell, Chapter 2.
· Rawls, J. "Distributive Justice", in Ryan (ed.) Justice, Oxford UP 1993; also in Stewarts (ed.) Readings in Political Philosophy.
· Nozick, R. (1974) "Distributive Justice", Philosophy & Public Affairs 3: 45-126.
· Sen, A. (2003) "Development as capability expansion." Readings in Human Development. Concepts, Measures and Policies for a Development Paradigm, pp. 3-16.
· Sandel, M. (1998) "What Money Can't Buy", The Tanner Lectures on Human Values.
· Friedman, M. (1953) "The Methodology of Positive Economics", in Essays in Positive Economics. University of Chicago Press.
· Mäki, U. (2005) "Models are Experiments, Experiments are Models", Journal of Economic Methodology, 12: 303-315.
· Hoover, K. (2001) The Methodology of Empirical Macroeconomics, Chapter 4 ("Causality in Economics"), Cambridge University Press, pp. 91-111.
Non-attending students are also invited to read
· Reiss, J. (2013) Philosophy of Economics: A Contemporary Introduction. Routledge.
Assessment methods and Criteria
Written exam, aimed at evaluating
- students' knowledge about the basic concepts used in the course literature;
- their capacity to formulate synthetically some of the main philosophical problems and their solultions;
- their capacity to illustrate clearly and rigorously, and to anayse critically, a debate concerning a philosophical problem addressed in the course.
- students' knowledge about the basic concepts used in the course literature;
- their capacity to formulate synthetically some of the main philosophical problems and their solultions;
- their capacity to illustrate clearly and rigorously, and to anayse critically, a debate concerning a philosophical problem addressed in the course.
Professor(s)
Reception:
Tuesday 9.30-12.30, by appointment only
Department of Philosophy, via Festa del Perdono 7, Cortile Ghiacciaia, top floor