The 'Wertfreiheits' Problem

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Chapter 3 in ETHICS AND ECONOMIC THEORY, 1993, pp 21-28 from Edward Elgar Publishing

Abstract: This distinguished book provides a critical assessment of the relationship between economic theory, scientific objectivity and ethics. The main purpose of economic science is to analyse and ‘explain’ the economic process but not necessarily to pass judgement as to whether this process is ‘good’ or ‘bad’. However, in practice it is very difficult for the economist to study the ‘laws’ of economics without ever touching ethical questions. It is shown that economic theories – despite avowals of scientific objectivity – contain implicitly or explicitly many aspects which have ethical implications. Making extensive use of real-life examples and offering a new perspective on the ethical dimensions of economic analysis, this book will prove essential reading for economists and philosophers alike.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 1993
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