Abstract

Economics is often believed to be a `value-free' discipline, and even an `a-moral' one. My aim is to demonstrate that homo œconomicus can recover his ethical nature if the philosophical roots of contemporary economics are laid bare. This, however, requires us to look for an alternative foundation for the idea of `social order,' a foundation which economics is ill-equipped to provide because of its exclusive focus on calculative rationality. But a new ethical perspective on homo œconomicus and on the manner in which he chooses his actions is possible. My aim here is to make this new perspective explicit.Two claims lie at the heart of this paper. The first claim is that economics as practised nowadays — that is, as a discipline concerned with the analysis of the interactions between individual decisions and the collective effects of these interactions — is a particular form of metaphysics, based on a particular articulation between self-centredness and other-centredness. The second claim is that, unbeknownst to the vast majority of economists, the basic principle of individual optimization contains the seed of a radical reformulation of what the emergence of `social order' is all about. More specifically, economics will be claimed to be a specific metaphysical discipline based on the monadological worldview inherited from Leibniz and re-arranged to fit the empiricist bias of 18th-century thinkers, and the principle of individual optimization will be claimed to be compatible with a very different metaphysical view of the human subject, a view which `turns subjectivity inside out', so to speak, and treats optimizing calculation as a response rather than as an initiative.The first claim is rather general, and not completely new — it has been hinted at, for example, by Jon Elster in an early book written in French, but it has received precious little attention among economists so far, with the result that economics has become increasingly blind to the philosophical roots of its most fundamental views on individual decision and on social order. The second claim applies to economics and homo œconomicus a general suggestion coming from Alain Renaut, that we ought to make good use of the accusations of incoherence voiced against the monadological scheme in order to re-think the way in which human subjectivity works. Renaut, however, remains at the level of the history of the philosophical concept of subjectivity. Although he does, in passing, make some mention of possible implications for the social sciences, he never goes into the full analysis of what the critique of monadological metaphysics implies for modern theories of society, and for economics in particular. One of my main goals here is to fill this gap.Let me now be more specific about the steps of my analysis. Defending my two claims will require, first of all, a rigorous understanding of the basic methodological stance adopted by economics, namely the idea that social order `emanates' from a bunch of self-centred subjectivities making separate optimizing decisions. Accordingly, in Section 2, I will trace out the analogy that exists between Leibnizian monadology and modern-day economics. The aim there will be to show that economics, unwittingly but for nevertheless deep ethical reasons, has remained `stuck' in a very specific metaphysical position which virtually no contemporary philosophy of subjectivity any longer acknowledges. Section 3, then, will show how the combination of monadology and empiricism which still prevails in contemporary economics can be overcome by entering an altogether distinct philosophical domain characterized by the primacy of Other over Self.While this alternative philosophical stance has experienced a surge of interest in recent decades, it has left the social sciences, and particularly economics, completely untouched. The reason is, I will claim, that this strand of philosophy adopts a form of methodological altruism which stands in contrast both to the methodological individualism of economics and to the methodological holism of various strands of post-Durkheimian sociology. In Section 4, then, I analyze some of the far-reaching consequences for economics which would flow from taking into account `non-I' motives which are not `We' motives, i.e., motives for action which are neither mere holist pastings onto individualism nor mere individualist mitigations of holism.The principle of choice of action through individual optimization will appear as the `hinge' between two worlds: although initially anchored within a worldview where social coexistence is a by-product of individual calculations, the idea of optimization will be seen to be compatible with a very different, and indeed almost reversed worldview, one where individual calculations emerge as by-products of social coexistence — the term `social' being itself radically re-thought in a non-holistic direction.The aim of my analysis, ultimately, is to formulate a challenge for contemporary economics and its implicit view of the interaction between individual and society: Can the combination of monadological and empiricist thinking so strongly ingrained in economics be overcome in the direction of a radically `other-oriented' view of the human subject? Many economists will doubtless believe it cannot; however, they will now, at least, have to explain why they hold to the older view and hence they will have to uncover their often hidden ethical and metaphysical presuppositions. I view this not as an undue disturbance or as mere conceptual hair-splitting, but as a timely opportunity to clarify some deep philosophical issues which haunt economics.