Economic theory as political philosophy

I defend the integrity of the question of what the cognitive status of economic theory could amount to, and I argue that the theory is best understood as a compartment of formal political philosophy, in particular a species of contractarianism. This seems particularly apt as an account of general equilibrium theory. Given the intentional character of the explanatory variables of economic theory and the role of information in effecting choice, it is argued that economic theory is unlikely to secure the predictive power that would enable it to function as a factual instead of a normative theory.

Duke Scholars

Author Alexander Rosenberg Philosophy