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Where Has Philosophical Economics Gone? Essay

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According to Heilbroner, the purpose of economics is to “to help us better understand the capitalist setting in which we will most likely have to shape our collective destiny for the foreseeable future”. In the time of the classical economists, there remained much about the economy to be understood and learnt. As the field of economics has become more advanced, it becomes more difficult for a worldly philosopher to surface as the economic system becomes more complex. Throughout this process the field of economic is subdivided into many areas, not just micro and macroeconomics, but development, financial, and welfare economics, among others. Thus, making it harder for a person to specialize in all and to be able to provide an accurate and credible theory as to how the whole economy should behave. Thus, it is much harder today to try to develop and concise and clear answer to problems such as how to promote and ensure the wealth of a nation as Adam Smith attempted to do.
The worldly philosophers included value judgments in their analysis of the economy. Adam Smith for instance, had distaste for accumulation intended towards vanity and riches. Instead, he saw society as a great family where all capital accumulated should be reinvested to increase the overall wealth of society. Whereas Ricardo uses his experiences of time he is living to draw a very different conclusion. He believed only landowners could benefit from the growth of society as his interest is always opposite to that of society and gains at everyone else’s expense (Worldly Philosophers , 82). As a result, Ricardo fought against Corn Laws and advocated for free trade of cheaper food, which gave rise to such debate and eventually the importation of cheap food became a rea...


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...conomist to focus on something more than mere science and predictability of human behavior; then, we must first shift the ideology of modern society that places so much emphasis on science.
Instead, economics as a science tends to assume perfect rationality among human beings. However, the utilitarian school has proven that this is not true because ____________. One of the key differences between pure sciences and economics is that experiments cannot be conducted in controlled environments as they are performed in the pure sciences. Economics as a science has tried to make room for differences in human behavior and the uncertainty of the market through the use of game theory and statistics. Nonetheless, this maintains the assumption that human beings are driven by the quest for wealth and monetary gain, but according to Heilbroner, this is not human nature. QUOTE.



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