Value-free economics’ road towards epistemological hubris. The use and abuse of mathematics by economists Cover Image

Droga ekonomii wolnej od wartościowania do epistemologicznej pychy. Użycie i nadużycie matematyki przez ekonomistów
Value-free economics’ road towards epistemological hubris. The use and abuse of mathematics by economists

Author(s): Aleksander Ostapiuk
Subject(s): Philosophy, Economy, Micro-Economics, Special Branches of Philosophy, Philosophy of Science
Published by: Copernicus Center Press
Keywords: economic approach;scientific research programme;philosophy of economics;value-free economics

Summary/Abstract: The goal of the article is to substantiate that despite the criticism the paradigm in economics will not change because of the axiomatic assumptions of value-free economics. How these assumptions work is demonstrated on the example of Gary Becker’s economic approach which is analyzed from the perspective of scientific research programme (Lakatos). The author indicates hard core of economic approach (maximization of utility, instrumental rationality) and the protective belt which makes hard core immune from any criticism. This immunity leads economists to believe that they are objective scientists and, consequently, it results in epistemological hubris. Due to its tautological nature (and other problems), economic approach is considered to be a degenerative programme. This conclusion is extended on value-free economics. In spite of these problems, many economists still believe in positive economics and they dismiss normative approaches. It has a negative influence on people (well-being, choices over time). The conclusion of the article is that thanks to axiomatic assumptions economists do not have objective and ironclad methodology and they should accept normative values in their research.

  • Issue Year: 2019
  • Issue No: 67
  • Page Range: 153-202
  • Page Count: 50
  • Language: Polish