Economy’s split from politics and philosophy: the neglect of moral sentiments in economics

Abstract

Although economics was once a topic of moral philosophy, moral sentiments are considered to be outside of the scope of economics. To understand the reason for this split and to problematize the neglect of moral sentiments in economics, I analyze the works of the early figures of the field: Adam Smith, Sophie de Grouchy, and David Hume. Their works illustrate the formation of economics as a science and the moral and political perspective they employed in arguments and theories on economics. I argue that the split and abstraction of economics from its historical and social context created undesirable consequences. Empirical studies focused on abstract and limited cases rather than general patterns. In addition, neglecting moral sentiments diminishes the discussions on public utility to which the early figures attributed much importance. I analyze the contemporary problems about the split through the works of Samuel Bowles, Thomas Piketty, and Ingrid Robeyns. In the light of this analysis, I argue that morality is not instrumentally but inherently related to economics. Therefore, the split and neglect of moral sentiments in economics cannot be justified.