2302.22 - Philosophy of Economics

2302.22

Philosophy of Economics

5

Students are expected to have attended the preceeding five semesters of the bachelor’s programme in economics

The aim of the course is to introduce the foundation of economics as a science in practice. A foundational premise is that models are what makes economics a science, and economic models accordingly play a significant role in the curriculum • How are models used in economics? • Which are the crucial preconditions in the models? • Should preconditions reflect reality? • How do we choose between models?

Utility plays a central role in economics and accordingly the course will include ethics and morality in relation to the concept of utility. During the course these topics will be covered: • Use and misuse of economics • The role of models in economics • Models and theories in economics • Methodological issues • The significance of ethics and morality • Equity and efficiency • The Pareto principle and cost-benefit analysis • Limitations for the power of the market • Fairness in economics

Lectures, conversation and student presentations of homework

Upon successful completion of the course the student will be able to Knowledge • Present his/her knowledge aquired at the course • Idendify, explain and discuss explanations, models and theories in economics • Present the ideas of the Logical Positivists, Karl Popper, Lakatos and Kuhn Skills • Discuss use and misuse of mathematics in economics • Explain the central preconditions in economic models • Explain and assess the traditional methodologies in economics • Explain the difference between models and theories • Discuss the quality and validity of popular ctiticism of economics • Discuss if economics is a science • Explain and discuss the significance of ethics and morality in economics • Identify normative motives in economic arguments • Discuss fairness in economics • Discuss the definition of economic science and its boundaries Competences • Present his/her competences to validate economics in practice and as a science, based on the topics studied at the course

Oral exam with preparation time

Internal

7-

• Julian Reiss, Philosophy of Economics. A Contemporary Introduction, Routledge, 2013 • Dani Rodrik, Economics Rules: The Rights and Wrongs of the Dismal Science. Oxford University Press, 2015 • Miscellaneous articles to be announced during the course

Hans Ellefsen