The Philosophical Importance Of Economics

Certain concepts behind economics deserve the attention of philosophically-minded individuals even if they are not at the forefront of philosophy as a whole, as economics, like politics, is the application of philosophical ideas to a particular aspect of life.  In this case, the side of life in question pertains to the social contruct of money and the ethics of commerce.  While contemplating economics will not reveal any grand truths about metaphysics, its blend of practicality and abstract ideas is worth comprehending on some level.

The practical and the abstract aspects of reality are both contained within philosophy, as no truth about reality is outside of philosophical facts and inquiry.  Economics is just a particularly important place where practical needs and moral ideas overlap in daily life.  Without at least the possibility of some sort of financial incentive or security, human life would be far more dificult than it already is, yet the fulfillment of practical needs is never an excuse to violate whatever moral obligations one has to other beings.

Because of the need for some kind of socio-economic practice, there is also a need to understand what does and does not follow from given ideas about economics.  As with other aspects of reality, there are myths about economics on all sides, and they have power over the individuals and cultures that treat them as facts.  Capitalists and communists alike often succumb to some of these myths [1], so it is not as if being economically conservative or liberal is sound in and of itself!  Every truth about economics is revealed by reason rather than political traditions such as those adhered to by both major sides of the political divide.

Economics, like science, is governed by logic and is thus a philosophical subject, but, like science, it is far from the heart of philosophy.  Epistemology, metaphysics, and morality are of greater significance than practical concerns alone could ever be, and economics is at its most important when it is assessed in light of these three domains of philosophy.  All the same, truths about economic practicality are not of no importance whatsoever.  Even if they are lesser truths than those about purely logical matters, they are not worth ignoring.


[1].  https://thechristianrationalist.blogspot.com/2019/12/economic-reductionism.html