Economic Philosophies: Ethics & Concepts in Economics

Economic Philosophies The philosophy of economics is concerned with the ethical, conceptual, and methodological issues that are found within the discipline of economics. The primary focus of this field is to justify and explain the economic knowledge that goes behind different philosophies. A few of many economic philosophies are conservatism, liberalism, and socialism.In today's society, fiscal conservatism can be closely related to Reaganomics which involved cutting income taxes and deregulating the economy. The main goal of fiscal conservatism is to oppose various government-based regulations on the economy.

Although fiscal conservatism is commonly associated with Republicans, the faces behind the ideology tend to be more Libertarian. They are in favor of lowering the federal budget, paying off the national debt, and withdrawing military forces from overseas to cut back on military spending. The fiscal conservatives of today believe that the best way to promote an efficient economy is to cut taxes and to stop federal programs that have no value nor purpose.

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Along with the ideals of fiscal conservatism comes along various critiques. The most common critique comes from economic liberalists who believe that the U.S. government should be held responsible in using its tax money to help the economy thrive and to continue providing social services for those that need it. Overall, fiscal conservatives are hesitant to spend their money on programs with no concrete reasoning.Economic liberalism involves the decision making by households or individuals instead of institution or organizations. Adam Smith was one of the first people to build the foundation for when it is beneficial and damaging for the government to be involved in economic related issues.

The origin of economic liberalism arose during the Enlightenment, a time where there was opposition to mercantilism and feudalism. Its main foundation is built on its support for a strong market economy when it comes to means of production. Economic liberals are opposed to government intervention in the free market saying that the state works in their favor which leads to corrupt outcomes. Economic liberalists act in their own self-interest so that they may seek out their own opportunities when it comes to things like occupations. Laissez-faire policies rule under economic liberalism for the sole fact that there is no government involvement in the economic activities of individuals, hence, the individual can truly flourish in whatever they may choose to do.Radical economics which recently presented itself in 2008 while introducing the disadvantages with our economy whereas finance and big bank were out of control emerging from the economic policies implemented with the aim of reducing government budget deficits, causing the working class an unfair advantage to recoup from the recession at that time. Although anti-capitalism is the goal of this perspective which includes the idealism of Marxism in establishing socialism. With this idealism, it's about changing from the norm and is constantly evolving within our own political structures. Hence we are introduced to what is viewed as democratic socialism in which its philosophy pushes to keep the balance of power and wealth to level the hierarchies and lift those within the community to better opportunities with economic freedom from capitalist greed. This isn't to say that this radical way of thinking has not gone without scrutiny. From Denmark to Venezuela, socialism has taken on two different paths.An important difference between conservatism, liberal economic policies, and socialism is their growth and status. Conservatism believes in encouraging and supporting growth within the economy whereas economic liberalism focuses on government benefits for the individual. Socialism tends to lean with a greater government intervention to protect citizen from the effect of capitalism. Economic growth is important in the economy for it leads to a higher standard of living which can in return promote greater social tolerance, a commitment to fairness, and dedication to improving democracy. Economic liberalism attempts to play a role in guaranteeing that the rights of individuals are protected against the elite, such as the wealthy and big corporations. On the other hand, fiscal conservatism believes that the government should not interfere when big corporations and the wealthy utilize workers or the environment to make a profit. Growth can flourish under conservatism because it provides the best security for the overall society. Perhaps the biggest difference between conservatism and liberalism economic philosophies is the way wealth should be distributed. In economic liberalism, it's centered on ensuring that the government is using its combined wealth of the nation to improve the lives of the common people. As for fiscal conservatism, it's all about using the combined wealth of the nation to help improve the lives of the wealthiest. Fiscal conservatism is traditional, and it sticks to its roots while economic liberalism is willing to change and do whatever that is necessary in order to benefit the new society. Whereas, radical economics requires a transformation to include all for the success of economic growth and privileges shared by all with equal rights and benefit sharing of all goods. Even though we label these political philosophies as having different ideologies, they are much closer in standpoints than we think. For one, they want to limit government intervention, unless necessary to promote a better economy. Not explicitly, but they also wish to support the middle-class for they can be considered the backbone of the economy. If they fall apart then the ideologies of conservatism, liberalism and socialism go along with it. Liberalism looks to protect the liberty of an individual and private ownership. With that being said, we see similarities with Conservatism placing a great emphasis on protecting private property. Economic liberalism is associated with left-wing politics and fiscal conservatism is associated with right-wing politics, but they all share a common ground that can be considered taboo to bring up even though it is a fact. In my research, and to put it bluntly is that we as a society are in a real big hurt. First hand experiencing the pain that comes with labeling myself as a minority, working class, barely surviving paycheck by paycheck with no economic identity as the lines between the middle and lower class no longer exist. While my heart, dreams, and aspirations was set to live out my life lavishly being among what is known as the one percent that thrives in our economy, I have fallen quite short. Growing up and seeing myself as a conservative, backing my beliefs within a political system that constantly reminds me of my self-worth has left me questioning our government even more. While the parties venture to promise a democracy that lays in the pockets of the rich, it is indeed survival of the fittest. A radical change in our economic structure is truly a quite substantial task in which leaning toward a socialism transformation would be an economy that benefits the majority of population granted that is not corrupted. A true dream indeed.