A person’s philosophical values must be congruent with the principles and theories that they advocate. This statement holds particularly true when applied to social sciences like economics.
The connection between philosophical values and the economic meaning of the word value plays an essential role in understanding economic principles and theories. What a person subjectively values in an economic sense ties very closely to their philosophical values.
An example of this distinction might prove helpful:
A person who puts an extremely high value on life in any form will probably place a very low economic value on a firearm. Conversely, a person with little value of life will probably place a higher economic value on the same firearm.
To provide a philosophical backdrop to the concepts espoused on this blog, I will describe some of my philosophical values.
To start with, I will discuss three broad values commonly associated with free markets:
I will discuss these values in more detail when time permits, and I will add them to this list as appropriate.