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Economic Science

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Philosophy of the Economy

Part of the book series: SpringerBriefs in Philosophy ((BRIEFSPHILOSOPH))

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Abstract

This chapter posits a classification of two complementary notions of economics, also associated with different forms of rationality. First, “economic theory” focuses on ‘the economic’ in its precise proper meaning. Its “material subject-matter” (the field of reality it deals with) is economic reality, and its formal subject (the perspective of analysis of the material subject-matter) is the intention to maximize instrumental rationality. Second, “political economy”, whose material subject-matter is ‘the economic’, has a broad formal subject, including instrumental and practical rationalities used to approach its material subject. It is a practical science in the classical sense of the expression. These two notions of economics are complementary.

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Notes

  1. 1.

    This section draws on R. Crespo (2011) and (2013b), Aristotle (1925, 1954), (1999).

  2. 2.

    As Josef Pieper (1998, p. 73) explained, though it is possible and legitimate to use technical terms with specific meanings, we should not trust in the use of any conceptual determination that separates itself with originality from the common language of educated people.

  3. 3.

    Though defined as such—formal and material objects—during Scholasticism, these notions have originated in Aristotle: see, e.g., Madison (2011, pp. 400–401). See an explanation of these notions in Henry van Laer (1956, pp. 43–49).

  4. 4.

    For the concept of “political economy” in Robbins, see my paper Crespo (1998).

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  1. Department of Philosophy, Universidad Nacional de Cuyo and Consejo Nacional de Investigaciones Científicas y Técnicas, Mendoza, Argentina

    Ricardo F. Crespo

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Crespo, R.F. (2013). Economic Science. In: Philosophy of the Economy. SpringerBriefs in Philosophy. Springer, Cham. https://doi.org/10.1007/978-3-319-02648-0_3

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