Paul Mueller argues that modern economics’ strict value-neutrality narrows its usefulness. Reintroducing questions about virtue, ethics, and human flourishing into economic thought—following Adam Smith and recent Humanomics work—would make economic analysis more relevant to real-world policy problems like homelessness and relational poverty.
Modern economics treats preferences as neutral data, which helps technical analysis but can miss moral and practical realities that affect human flourishing.
Subjectivism taken too far can make policy blind to cases where people’s preferences and decision-making are impaired—homelessness is offered as a clear example.
Recovering an ethical dimension—drawing on Adam Smith and newer Humanomics efforts—does not require abandoning technical tools but asks when and how moral reasoning should shape economic application.
Again – Paul Mueller Search The American vice-president, among others, is no great fan of global trade. He has criticized Margaret Thatcher, Milton Friedman, and the Wall Street Journal editorial board, suggesting that economic prosperity and growth might be overrated if they require America to be deeply enmeshed in global markets. Postliberals as a group have made no secret of the fact that they view mainstream economics as inhumane with its focus on consumption and GDP growth.
[It does] not express any opinion with regard to such problems as whether or not sybaritism is better than asceticism. Problem exposes the structural limits of a utility-maximization framework. Gatsby's problem was never his budget constraint.
Yes, but this question is more difficult than it appears. Adam Smith considered moral questions foundational to economic inquiry. Smith, Bart Wilson, and Deirdre McCloskey, among others, attempts to recapture Smith's approach.
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