Blasts from the Preclassical Past: Why Contemporary Economics Education Should Listen to Preclassical Thought

Abstract

Contemporary economics is dominated by logical positivism, a methodology that emphasizes empirical validation of theories but excludes normative evaluation. Preclassical economics was premised on normative analysis. With the growing socialist movement in the USA, especially among the millennials, who are fixated on moral issues of justice and equality, positive economics is alienated from addressing the normative challenges of socialism. There are, however, basic normative principles from Preclassical thought which can be used to contest socialist moral claims, particularly in economics education.

Keywords

• economics
• millennials
• economics education
• business ethics
• private property
• just price
• michael novak
• preclassical economics
• business corporation
• entrepreneurship
• wealth creation