THE IMPACT OF PHILOSOPHY ON ECONOMICS IN THE NEW ERA

Constantinos Challoumis; Nikola Pavlović; Marko Savić

doi:10.5937/ekonsig2502103C

Authors

Constantinos Challoumis Philips University & National and Kapodistrian University of Athens Author
Nikola Pavlović Academy of Applied Studies Kosovo and Metohija Author
Marko Savić Academy of Applied Studies Kosovo and Metohija Author

DOI:

https://doi.org/10.5937/ekonsig2502103C

Keywords:

Philosophy of Economics, Economic Thought, Rationality, Utilitarianism, Kantian Ethics, Existentialism, Economic Policy, Sustainability

Abstract

This paper explores the profound and multifaceted relationship between philosophy and economics, tracing their historical convergence and examining how philosophical frameworks have shaped economic thought and policy across eras. From the metaphysical insights of Aristotle and the moral reasoning of Kant to the utilitarian ethics of Bentham and Mill, philosophical doctrines have consistently influenced economic paradigms, including classical, neoclassical, and behavioral models. The paper discusses key philosophical concepts, such as rationality, autonomy, justice, and utility, and their roles in guiding economic decision-making, policy formulation, and the evolution of global trade, sustainability, and technology. Special attention is given to how contemporary challenges like globalization, digital transformation, and environmental crises necessitate renewed philosophical inquiry within economic reasoning. Ultimately, the study argues for a reintegration of philosophical rigor into economics to foster a more ethically grounded, human-centered, and sustainable economic science for the future.

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