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Cambridge Journal of Economics 2005 29(6):893-908; doi:10.1093/cje/bei075
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Right arrow A12 - Relation of Economics to Other Disciplines
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Article

Homo economicus and the reconstruction of political economy: six theses on the role of values in economics

Euclid Tsakalotos*

* Athens University of Economics and Business

Address for correspondence: Department of International and European Economic Studies, Athens University of Economics and Business, 76 Patission St, Athens 104 34, Greece; email: tsakalotos{at}aueb.gr

Abstract

This paper argues for an explicit engagement of political economy with values, and presents a number of criticisms of the ethical limitations of both markets and neoclassical economics. Neoclassical theory is unlikely to be able to take on board this critique because of its commitment to Homo economicus and the ideal of the market. But this is not the case for political economy in the tradition of post-Keynesianism, Marxism and institutionalism. The reason why political economy has not exploited this advantage to any great extent has to do with the fear of many political economists that an engagement with values necessarily diminishes the scientific status of their approach. The paper presents six theses in order to convince them that this fear is fundamentally misconceived.

Key Words: Values • Homo economicus • Political economy

JEL classifications: A12, A13, B41, B50

Manuscript received January 7, 2004; final version received December 16, 2004.


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