engleski

What can Economists Learn from Philosophy?

After the economic crisis of 2008, the methodology of contemporary economics as it is commonly taught at academic institution, i.e. insisting on mathematical modeling, has been subjected to criticism for failing to predict the crisis. In this paper, we argue that economists may take into consideration a relatively new branch of philosophy social ontology as a tool to understand society more profoundly. Social ontology studies the fundamental structure of society and its institutions and analyses not only the mode of being of society and social institutions, but also various social facts, and their interconnectedness. Insights stemming from understanding social ontology can be applied in various economic theories, like general equilibrium theory, game theory, new institutional economics, micro economics etc. Social ontology can thus be a useful tool in refining and meliorating economic theories.

Crisis, academic economics training, philosophy of society, social ontology, philosophy of economics

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