The (Implicit) Microeconomic Foundations of The Economy of Francesco

Tommaso Gabrieli ()
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Tommaso Gabrieli: Barlett School of Planning, University College London

Rivista Internazionale di Scienze Sociali, 2021, vol. 129, issue 4, 471-486

Abstract: In this paper, I analyse the microeconomic foundations of the economic judgements expressed in the encyclical letters of Pope Francis. I argue that these judgements are based on the implicit assumption that 1) human preferences are not those of the selfish Homo economicus and 2) market outcomes are neither equitable nor efficient. I discuss how both 1) and 2) are alternative foundations of the standard neoclassical paradigm, and I offer a review across economic fields of the most important contributions that explicitly put forward these microeconomic foundations. The fact that 1)is a criticism of individual assumptions and 2) is a criticism of an aggregate outcome poseschallenges and opportunities: a growing body of recent economic research has offered importantcontributions on such links; therefore, I show that modern economic research can offer a comprehensive microeconomic foundation of The Economy of Francesco.

Keywords: Altruism; Interdependent Utility; Inequality; Catholic Social Doctrine (search for similar items in EconPapers)
JEL-codes: D01 D30 Z10 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:vep:journl:y:2021:v:129:i:4:p:471-486

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