Introduction Philosophy of Economics University of Virginia - PowerPoint PPT Presentation

Introduction Philosophy of Economics University of Virginia Matthias Brinkmann

Philosophy of Economics • “ Philosophy of Economics ” can refer to different things: Economic methodology (e.g., statistical techniques, experimental design, 1. methodological individualism) Analysis of core concepts in economics (e.g., utility, rationality, equilibrium) 2. Moral and political questions related to economic activity (e.g., distributive justice, 3. markets, externalities) Reflection on the scientific status of economics (e.g., explanation, scientific progress, 4. nature of models) • In this course, we will focus on (4), with a bit of (2) and (3) You will NOT learn how to do economic research  You will NOT be given a comprehensive overview of economics  We will only focus on questions of public policy IN A FEW SESSIONS  Introduction 2

Course Structure Aspect of Economics Philosophical Questions Area of Economics (Many) Economists build highly abstract How can abstract/false models explain? Microeconomics 1 models that purport to explain the real world What is the function of a scientific model? 2 (Many) Economists aim to provide a general How successful has economics been in Macroeconomics account of economic forces at work in society providing such a general account? Has it progressed over time? 3 (Many) Economists use statistical tests to What is causality? How do economists Empirical understand causal phenomena reason about causal relationships? Economics (Many) Economists assume that people act What is rationality? Given that most people Behavioural 4 rationally aren’t rational, what follows? Economics 5 (Many) Economists make claims about what Are the implicit moral assumptions of Welfare policies would be best for society economists plausible? Economics Introduction 3

Requirements Component % Deadline Collab Reflections ungraded every week, 2h Focus: Quality and depth of preparation before course Participation 10% Focus: Activity and engagement Literature Essay (1/6 questions, ~1500 words) 20% October 11 Focus: Critical analysis of secondary literature Take-Home Exam (one week, 3/12 questions, ~2400 words total) 30% November 6 Focus: Independent thinking about central issues Research Essay (~3000 words) 40% December 10 Focus: Ability to set and pursue own research agenda Introduction 4

Course Policies • Teaching method Discussion/Activity-based  Aim: help you formulate your own views  Cooperation encouraged, but no group assignments  Accessible to both ECON-focussed and PHIL-focussed students  • Office hours : on request, short notice, every day of the week (Gibson S342) • Syllabus changes : limited but possible, democratic vote, request early • Textbook : none, but consider Reiss, Philosophy of Economics (Routledge) Introduction 5

Syllabus Details Introduction 6

Cultural Differences American Scale of Evaluation Awwwwwesome! Awesome! Fantastic! Great! Great, but ... British Scale of Evaluation Decent Not too bad Interesting Bold Not entirely right German Scale of Evaluation Very Good Good Okay Bad Shit Introduction 7

Recommended Background Reading Diane Coyle Julian Reiss Dani Rodrik Alex Rosenberg The Soulful Science Philosophy of Economics Economics Rules Philosophy of Science Introduction 8

Questions? 9 Introduction

Introduction Philosophy of Economics University of Virginia - PowerPoint PPT Presentation

Introduction Philosophy of Economics University of Virginia Matthias Brinkmann Philosophy of Economics Philosophy of Economics can refer to different things: Economic methodology (e.g., statistical techniques, experimental design,

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