The Metaphysical Preconceptions of the Economic Science ∗

Only a minority of professional economists recognize the existence of the philosophical preconceptions of the economic science; and even this minority overwhelmingly reject the metaphysical nature of what? ever preconceptions they recognize. Therefore, the very title of this paper identifies the paper as unusual and its author as heterodox. The purpose of this paper is to argue that such has not always been the case, and that it should not be the case today. The word metaphysics will be used in this essay to refer to propo? sitions, concepts and ideas that transcend empirically demonstrable ex? planations of causation. It is that body of philosophical explanation that lies beyond the positively verifiable principles and laws of the empirical or natural sciences. [Bergson] Most theistic rationalism is based on the metaphysical concepts of First Cause and Final Cause. Scientific economics was born amid metaphysical preconceptions which gave it meaning and significance; as these metaphysical precon? ceptions have been discarded, scientific economics has been left de? void of its deepest meaning and fullest significance and has been trans? formed into an artificial and superficial technology. True meaning and real significance can be recovered by scientific economics only through an explicit acceptance of the metaphysical preconceptions which are implied by the nature of the science

Causation · Epistemology · Meaning (existential) · Metaphysics · Scientific theory · Economic Theory and Institutions · Philosophy

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