ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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Economics and Philosophy: Interface and Agenda

The roots of economics go back to philosophy and the great economic thinkers have been rightly acclaimed as worldly philosophers. Yet economists pose the question: should economists pay attention to philosophers? If anything, it is economics that raises serious philosophic issues. Can economics, a subject of cognitive dissonance with no predictive power, claim to be a science? Economic laws are at best statements of tendencies which make it "a discipline, not a science", for it "deals with the ever changing and subtle forces of human nature". But economics does adhere to the scientific method and the criteria of falsifiability. Paradoxically, despite its deficiencies, economics has emerged as the imperial social science and economists function as imperial advisors to government and civil society. Economics and philosophy are both techniques of analysis rather than bodies of doctrine. The most fruitful approach to the interface between economics and philosophy is through the relevant subdisciplines of philosophy, viz, epistemology, religion, ethics, psychology as well as rhetoric.

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