Published Jan 08, 2023
This course considers conceptual, methodological, foundational, and ethical issues in economic theory and practice. Questions include: What can philosophy teach us about economic methodology and justification? Are economic formalizations useful idealizations of human behaviour? Is economics a science? What role do values play in economic reasoning and policy-making?
ECON 261:
PHIL 205: Antireq: PHIL 371 taken winter 2014
The philosophy of economics is concerned with conceptual, methodological, and ethical issues in economic theory and practice such as:
What can philosophy of science teach us about economic methodology?
What makes a particular conclusion in economics justified?
How do economic models work? Is economics a science?
Is rational choice theory an apt idealization of human decision-making?
How do value-based considerations play a role in economic reasoning and policy?
| analyze and critically evaluate divergent views over conceptual issues in economics |
| understand some ways that values play a role in economic thought and policy making |
| develop your own ideas concerning economic justification and objectivity |
| develop your own opinions about normative issues |
| effectively communicate your ideas orally and in written work |
NOTE: To access readings, use the "Readings with Links" document posted on Learn
Week 1 (Jan 10) Introduction
No reading assigned.
Week 2 (Jan 17) What is economics? Overview and definitions
Daniel Hausman, Introduction to The Philosophy of Economics 3rd ed. (Cambridge University Press, 2008), pp. 22-38 ("An Introduction to Economics" and "An Introduction to Economic Methodology).
Backhouse, Roger, and Steven Medema. "Retrospectives: On the Definition of Economics." Journal of Economic Perspectives 23, no. 1 (2009): 221-33.
Week 3 (Jan 24): Methodology and justification 1: Friedman and his critics
Milton Friedman, "The Methodology of Positive Economics," in Essays in Positive Economics, University of Chicago Press 1953, 3-43.
Bruce Caldwell, "Critique of Friedman's Methodological Instrumentalism," Southern Economic Journal (1980), 366-374.
Week 4 (Jan 31): Methodology and justification 2: models and economics as a science
Robert Sugden, "Credible Worlds: The Status of Theoretical Models in Economics." Journal of Economic Methodology 7.1 (2000): 1-31.
Raj Chetty, "Yes Economics is a Science." Posted on Learn under Readings.
Eric Schliesser, "Economics as a Science." Posted on Learn under Readings
Week 5 (Feb 7): Feminist economics and perspectives on rational choice theory
Paula England, "A Feminist Critique of Rational-Choice Theories: Implications for Sociology," The American Sociologist, 20(1) (1989), 14-28.
Ann Cudd, "Rational Choice Theory and the Lessons of Feminism" in Antony, Witt, and Atherton eds., A Mind of One’s Own: Feminist Essays on Reason and Objectivity (Westview Press, 2001), 398-417. Posted on Learn under Readings.
FIRST PAPER DUE
Week 6 (Feb 14) First in-class test and TBA
No reading assigned.
FEB 21 READING WEEK NO CLASS
Week 7 (Feb 28) Behavioral economics and its critics
Christine Jolls, Richard Thaler, and Cass Sunstein, "A Behavioral Approach to Law and Economics," Stanford Law Review 1998, 1471-1550.
Richard Posner, "Rational Choice, Behavioral Economics, and the Law" Stanford Law Review (1998): 1551-1575.
Week 8 (Mar 7): Topics in normative economics 1: problems in cost-benefit analysis
Robert Frank, "Why is Cost-Benefit Analysis So Controversial?" The Journal of Legal Studies, 29(S2) (2000), 913-930.
Hansson, Sven Ove. "Philosophical Problems In Cost-Benefit Analysis." Economics and Philosophy 23, no. 2 (2007): 163-183.
Yee Keong Choy, "Cost-benefit Analysis, Values, Wellbeing and Ethics: An Indigenous Worldview Analysis." Ecological Economics 145, no. C (2018): 1-9.
Week 9 (Mar 14): Topics in normative economics 2: property and inequality
John Rawls, selection from A Theory of Justice (first published 1971), reprinted in Russ Shafer-Landau, Ethical Theory (Wiley, 2013) 581-591. .
Robert Nozick, "Distributive Justice," Philosophy & Public Affairs 3 (1973), 45-126 read only pages 45 to 61.
SECOND PAPER DUE
Week 10 (Mar 21): TBA
Tentatively: economics and decolonization
Tuck, Eve, and K. Wayne Yang. "Decolonization is Not a Metaphor." Education & Society 1, no. 1 (2012): 1-40.
Kvangraven, Ingrid Harvold, and Surbhi Kesar. "Standing in the Way of Rigor? Economics’ Meeting with the Decolonization Agenda." Review of International Political Economy (2022): 1-26.
Week 11 (Mar 28): TBA
Tentatively: new directions in philosophy of economics
S. Charusheela, S. "Empowering work?." Toward a Feminist Philosophy of Economics (2003): 287.
Eiman Zein-Elabdin, "The difficulty of a Feminist Economics." In Toward a Feminist Philosophy of Economics, pp. 337-354. Routledge, 2003.
Week 12 (Apr 4): Second in-class test
| Title / Name | Notes / Comments | Required |
|---|---|---|
| Readings | Can be downloaded through the UW library via links provided or by dowloading PDFs from this Learn site under "Readings" | Yes |
Some readings are available to you through library links. Others are posted as pdfs on Learn.
To access readings, use the "Readings with Links" document posted on Learn.
| Component | Value |
|---|---|
| Paper 1, due Feb 6 | 20% |
| In-class test 1, Feb 14 | 25% |
| Paper 2, due Mar 14 | 25% |
| In-class test 1, Apr 4 | 25% |
| Participation | 5% |
Both papers should be 900-1200 words and topics will be handed out. For the first paper, you have the option of handing in a rewrite based on my comments. If you choose to do this your new paper grade will be an average of the original and the rewrite; your grade will not go down if the new draft is worse, but improved grades require significant changes and not just small edits. For the second paper, I will write fewer comments; if you would like more feedback, don't hesitate to ask. Paper assignments will ask you to write about your own ideas about a philosophical problem while engaging the texts and ideas we've encountered in class. The focus is on presenting an original argument. Of course, this means the ideas in your papers must be your own; we will talk more in class about how to ensure that the ideas you present as your own really are, and how to cite any outside sources you do use appropriately. If you have any questions at any time about academic honesty and what it requires, do not hesitate to ask. Just raise your hand or approach me after class. For help with writing, check out The Writing Centre.
Tests will be a mix of multiple choice, short answer and short essay. Test 1 covers the first half of the course and test 2 the second half.
There are several ways to participate in this class: you can participate in class discussion, or by contributing to discussion on LEARN, or by emailing or speaking with me personally. If you participate in any of these forms at least once per week, that will earn a grade at least in the 70s range. More frequent participation will raise your participation grade. I will post participation grades on LEARN at the end of term; if you don't agree with yours please email me and we can discuss it.
Attendance is not specifically required, but to do well in this course will require being present in class regularly. if you have to miss an occasional class, that is no problem, but you are responsible for finding out the content you missed. If for some reason coming to class in general is a problem for you, let me know and we can discuss.
No formal or technological plagiarism detection mechanisms will be used in this class.
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Important notes
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