Course unit title

Philosophy of Economics

Course unit code

PHE601

Type of course unit (compulsory, optional)

Optional

Level of course unit (according to

EQF: first cycle Bachelor, second cycle Master)

Second cycle Master

Year of study when the course unit is delivered

(if applicable)

Year 1

Semester/trimester when the course unit is delivered

Semester 1

Number of ECTS credits allocated

3.2 ects

Name of lecturer(s)

Dr. Wasiaturrahma

Prof. Effendi

Learning outcomes of the course unit

After taking this course students are able to:

  1. Explain the interrelationship between philosophy and economics
  2. Develop an ontology of economic phenomena and the various knowledge that can be obtained from these things.

Mode of delivery (face-to-face, distance learning)

Face-to-face (Offline) and Distance learning (online)

Prerequisites and co-requisites (if applicable)

No

Course content

The philosophy of economics includes a discussion of the conceptual, methodological, and ethical aspects related to the discipline of economics. The main focus is the methodological and epistemological aspects which include methods, concepts, and theories built by economists to be called "science" about economic processes. Philosophy of economics also discusses the ontology and axiology of economic phenomena, as well as how ethical values become part of the argument in economics such as welfare, justice, and the trade-off between the available options.

Recommended or required

reading and other learning resources/tools
  1. Hausman, D., ed. 2008. The Philosophy of Economics: An 

Anthology. 3rd. ed. Cambridge University Press

  1. Ben-Ner, A. and L. Putterman, eds. 1998. Economics, Values 

and Organization. Cambridge University Press.

  1. Caldwell, B., ed. 1993. The Philosophy and Methodology of 

Economics. Edward Elgar

  1. Davis, John B. 2003. The Theory of the Individual in 

Economics: Identity and Value. London: Routledge.

  1. Gonzalez, W. 2008. Scientific Prediction and Economics: A 

Philosophical Analysis. University of Pittsburgh Press

  1. Little, D., ed. 1993. On the Reliability of Economic Models: 

Essays in the Philosophy of Economics. Boston: Kluwer.

  1. Mäki, U., ed. 2001. The Economic World View: Studies in the 

Ontology of Economics. Cambridge University Press.

  1. Mäki, U., ed. 2012. The Philosophy of Economics. North 

Holland.

  1. Rose, D. 2014. The Philoshopy of Economics. Palgrave 

Macmillan.

  1. Ruccio, D. and J. Amariglio. 2003. Postmodern Moments in 

Modern Economics. Princeton University Press

  1. Sen, A. 1992. Inequality reexamined. Cambridge, Harvard 

University Press.

  1. Sen, A. 1999. Development as Freedom. Oxford University 

Press.

Planned learning activities and teaching methods

Teaching (Classical Method), Presentation, Discussion

Language of instruction

In Bahasa (Indonesian Language) and English

Assessment methods and criteria

- Mid Exam (15%)

- Final Exam (15%)

- Task of Problem set (70%)