Social economics represents a shift away from abstractionism in the discipline of economics to one that is centred on the individual. Free Essay, Term Paper and Book Report
Economics, according to Aristotle and Adam Smith, is fundamentally a moral philosophy. From the very beginning, social economics was born in reaction to the prevailing orthodoxy with its emphasis on abstractionism, material wealth, unfettered markets and individualistic competition. In this light it always represented a shift away from abstractionism. Instead, it was to be a more realistic science, on human welfare calling on the state to take on the function of protector of the poor. John Hobson rejected the values of self-interested, atomistic economic man and proposed instead an economics centred on social values or social utility
Inherent in mainstream economics is a perversion of abstract reasoning that somehow has lost touch with the concrete, human experience from which it grew. For example, mainstream economics displays a pre-occupation with symbolism. Symbols are taken as more real than what they signify. Policy analysts take GNP figures as constituting the real wealth and well-being of a nation. A second feature of abstractionism is that it is reductionistic: v......
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