Abstract

Two disputes have continually frustrated attempts to provide a tenable method of enquiry for economic science:(a) Should theory construction in economics include a commitment to moral principles? Or should economic theory remain value-free? (b) Does the peculiar subject matter of economics demand a teleological, or a mechanistic pattern of explanation? It is the aim of this paper to shed light on both the preceding controversies by seeking to clarify the relation between them. In particular, it is argued via a case study of the theory of rational choice that over-simplified mechanistic constructions have distorted the normative content and applicability of economic theory.