Seminar on “Economics as a Value Science”

Part of a work-in-progress in philosophy of economics, here is the video of a seminar I led on “Economics as a Value Science.” Part of my argument is that there is a large, problematic gap in economic theory about the relationship between economic facts and economic values. Along the way I discuss Friedrich Hayek, David Hume, Immanuel Kant, Rudolf Carnap, Richard Rorty, Milton Friedman, Joseph Schumpeter, Ludwig von Mises, Aristotle, and Ayn Rand. The table of contents of the seminar are below the video frame.

Seminar contents:

Introduction
Philosophical issues in economics
David Hume
Immanuel Kant
Philosophical dichotomies
Implications for economics

Economic agents
Policy recommendations
Nature of philosophers
Value
Irrational values and biases

Positivism: Rudolf Carnap
Postmodernism: Richard Rorty

Free-market economists on facts and values:
Quote: Human Action, Ludwig von Mises
Quote: The Methodology of Positive Economics, Milton Friedman
Quote: Rules and Order, Friedrich A. Hayek

Dichotomous problems
Quote: A History of Economic Analysis, Joseph Schumpeter

The Aristotelian approach
Objectivity or subjectivity of values
Objective value thesis
Subjective value thesis

Three-way debate:
Intrinsic value thesis
Subjective thesis
Objective thesis

Values as a species of facts
Biological perspective
Fish example: Facts, Values
Value statements
Human beings: Facts, Values

Value examples
Implications for the subjectivity and objectivity of value
Human valuing
Individuality
Authoritarianism
Free society

Epistemological resources on natural and objective value
Final words
Final credits

The above video at UFM’s site.

Bibliography [EP]

[This is the Bibliography from Explaining Postmodernism: Skepticism and Socialism from Rousseau to Foucault]

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[This is an excerpt from Stephen Hicks’s Explaining Postmodernism: Skepticism and Socialism from Rousseau to Foucault (Scholargy Publishing, 2004, 2011). The full book is available in hardcover or e-book at Amazon.com. See also the Explaining Postmodernism page.]