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Philosophy of the EconomyEconomic Science

Philosophy of the Economy: Economic Science [This chapter posits a classification of two complementary notions of economics, also associated with different forms of rationality. First, “economic theory” focuses on ‘the economic’ in its precise proper meaning. Its “material subject-matter” (the field of reality it deals with) is economic reality, and its formal subject (the perspective of analysis of the material subject-matter) is the intention to maximize instrumental rationality. Second, “political economy”, whose material subject-matter is ‘the economic’, has a broad formal subject, including instrumental and practical rationalities used to approach its material subject. It is a practical science in the classical sense of the expression. These two notions of economics are complementary.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Philosophy of the EconomyEconomic Science

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Publisher
Springer International Publishing
Copyright
© The Author(s) 2013
ISBN
978-3-319-02647-3
Pages
31 –43
DOI
10.1007/978-3-319-02648-0_3
Publisher site
See Chapter on Publisher Site

Abstract

[This chapter posits a classification of two complementary notions of economics, also associated with different forms of rationality. First, “economic theory” focuses on ‘the economic’ in its precise proper meaning. Its “material subject-matter” (the field of reality it deals with) is economic reality, and its formal subject (the perspective of analysis of the material subject-matter) is the intention to maximize instrumental rationality. Second, “political economy”, whose material subject-matter is ‘the economic’, has a broad formal subject, including instrumental and practical rationalities used to approach its material subject. It is a practical science in the classical sense of the expression. These two notions of economics are complementary.]

Published: Nov 28, 2013

Keywords: Conceptions of economic science; Economics and rationalities; Economic theory; Political economy

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