Philosophy of economics

freedom to perform economic actions

Latin phrase indicating that factors not being considered in a comparison are held to be constant across the items compared

branch of philosophy

legal theory that says that the national debt incurred by a despotic regime should not be enforceable

Critique of political economy questions the very object of "the economy".

theory of ethics in economics

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Substantivism is an economic position that helps to explain the social relations embedded within the economy. It was first proposed by Karl Polanyi, who argues that the term "economics" has two meanings. The formal meaning, used by today's neoclassical economists, refers to economics as the logic of rational action and decision-making, as rational choice between the alternative uses of limited (scarce) means, as "economizing", "maximizing", or "optimizing".