Rationality, Morality and Fulfilment: Towards an Economics of the Human Person

Abstract

The object of all economic enquiry is the human person under the aspect of behaviour within limited resources. Consequently the truth of any economic theory ultimately hinges on the truth of its philosophy of man. This essay analyses modern economic thought from two perspectives: firstly, from its criticism and development by experimental psychology; secondly, from the philosophical anthropology and Aristotle and Thomas Aquinas. The essay argues that the philosophical underpinnings of modern economics are flawed in important aspects, and this accounts for its inability to explain and understand human behaviour in some significant and important respects. The nature of the mistakes is highlighted and a more realistic approach is proposed.

Keywords: philosophy of economics, philosophical anthropology, economics and ethics, behavioral economics, economics of happiness, history of economics, utility, welfare, personalism

JEL Classification: A12, A13, B10, B20, B40, D60