Friday, April 10, 2015

Philosophy of Markets

3:AM Magazine interviews Liza Herzog, whose research focuses on the relation between economics and philosophy.
Economic models make simplifying assumptions about human agency and about social interaction. If one only used these models to answer the questions they are supposed to answer, taking into account their methodological limitations, there wouldn’t be any problem. But often they are used to make much wider claims. For example, predications are based on a theoretical model, but with insufficient discussion of whether the assumptions of the model also hold in reality. Along the way, one often finds that normative judgments sneak in, but without being made explicit. Thus, one cannot even ask critical questions, for example whether certain theories serve the interests of certain social groups – whether they are ideologies in the classical sense.
Philosophy of Markets » 3:AM Magazine

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