Human nature in modern economics: From virtue to pleasure
Published: 03:04 PM,Apr 17,2023 | EDITED : 07:04 PM,Apr 17,2023
2307621
Saif al Abri
The study of economics has, in modern times, separated itself from morality, focusing on practical activities of economising individuals. However, the way in which economics views human beings has far-reaching implications for public policy and the perceived best course for economic development and, by extension, human life.
The dominant paradigm in modern economics is neoclassical economics, which is built on the foundation of the marginal revolution. This revolution brought about a shift in the understanding of economics and its perspective on human beings.
In the classical paradigm, the economic theory of value was viewed as a social process shaped by specific social systems.
However, with the introduction of the concept of marginal utility, economics shifted towards a utilitarian individualistic approach, where the theory of value is based on a calculus of pleasure and pain.
This shift influenced the acceptance of the utilitarian theory of morals, which prioritises the happiness (pleasure) of mankind as the basis for determining what is right and wrong.
This change in economic thinking has direct and indirect effects on public policy, government roles, and the conception of an ideal state.
In classical times reflected in almost all scriptures and most ethical books, economics was embedded within the moral dimension, viewing the ideal state of a human being as one who pursues what is virtuous and who is free from desire, focusing on what a human ought to be.
In contrast, modern economics portrays a human being as an undisciplined self, a pleasure-seeking individual driven by desire.
The role of government is now seen as facilitating the pursuit of individual pleasures and desires rather than helping individuals achieve harmony and balance within themselves.
This departure from the classical perspective has significant implications for societal values, norms, and policies. Neoclassical economics has influenced policy areas such as taxation, social welfare, environmental regulations, and labour markets.
However, policies that prioritise economic growth and material wealth without considering broader ethical implications may lead to environmental degradation, income inequality, and a loss of what it means to be human.
Additionally, focusing on the individualistic pursuit of pleasure and self-interest in economic decision-making may disregard communal values, social cohesion, and the common good in public policy.
In conclusion, the concept of the human being in neoclassical economics has far-reaching consequences.
The utilitarian foundation of modern economics, with its emphasis on pleasure-seeking behaviour and individualistic pursuit of self-interest, has shaped public policy, government roles, and societal values.
As we navigate the complexities of modern economic systems, it is crucial to critically examine and reflect on the underlying assumptions and values that shape our understanding of human beings in the field of economics and strive towards a more holistic and ethically informed approach to economic policy and human well-being.
The study of economics has, in modern times, separated itself from morality, focusing on practical activities of economising individuals. However, the way in which economics views human beings has far-reaching implications for public policy and the perceived best course for economic development and, by extension, human life.
The dominant paradigm in modern economics is neoclassical economics, which is built on the foundation of the marginal revolution. This revolution brought about a shift in the understanding of economics and its perspective on human beings.
In the classical paradigm, the economic theory of value was viewed as a social process shaped by specific social systems.
However, with the introduction of the concept of marginal utility, economics shifted towards a utilitarian individualistic approach, where the theory of value is based on a calculus of pleasure and pain.
This shift influenced the acceptance of the utilitarian theory of morals, which prioritises the happiness (pleasure) of mankind as the basis for determining what is right and wrong.
This change in economic thinking has direct and indirect effects on public policy, government roles, and the conception of an ideal state.
In classical times reflected in almost all scriptures and most ethical books, economics was embedded within the moral dimension, viewing the ideal state of a human being as one who pursues what is virtuous and who is free from desire, focusing on what a human ought to be.
In contrast, modern economics portrays a human being as an undisciplined self, a pleasure-seeking individual driven by desire.
The role of government is now seen as facilitating the pursuit of individual pleasures and desires rather than helping individuals achieve harmony and balance within themselves.
This departure from the classical perspective has significant implications for societal values, norms, and policies. Neoclassical economics has influenced policy areas such as taxation, social welfare, environmental regulations, and labour markets.
However, policies that prioritise economic growth and material wealth without considering broader ethical implications may lead to environmental degradation, income inequality, and a loss of what it means to be human.
Additionally, focusing on the individualistic pursuit of pleasure and self-interest in economic decision-making may disregard communal values, social cohesion, and the common good in public policy.
In conclusion, the concept of the human being in neoclassical economics has far-reaching consequences.
The utilitarian foundation of modern economics, with its emphasis on pleasure-seeking behaviour and individualistic pursuit of self-interest, has shaped public policy, government roles, and societal values.
As we navigate the complexities of modern economic systems, it is crucial to critically examine and reflect on the underlying assumptions and values that shape our understanding of human beings in the field of economics and strive towards a more holistic and ethically informed approach to economic policy and human well-being.