Showing posts with label philosophy of economics. Show all posts
Showing posts with label philosophy of economics. Show all posts

Saturday, January 27, 2007

The Philosophy of Economics.

Economics is not only an social science, but a philosophy as well. One could see every sacrifice experienced in life, as a loss of utility (or happiness). Something like the cliche of :"you mother gave up her singing career to raise you". I am not speaking of a stoic view of eternally deferred satisfaction, but something entirely different.

If economics is used to understand the exchange of career for child rearing, (or any other such exchange), such a choice is to be celebrated. A ever higher value was placed on the traded "good". If little was traded, the assumed value of what was received would be less as well.

In the movie: "True Colors" 1991,James Spaders' character is told toward something along these lines toward the end of the show. A Federal prosecutor tells (Spader), that when justice doesn't cost anything....He (Spader) could not claim it.