2302 - Philosophy of Economics
Course information
Philosophy of Economics
Course number
Academic year
History and Social Sciences
BSc in Economics and Management
Students are expected to have attended the preceeding five semesters of the bachelor’s programme in economics
Language of instruction
The course is taught in Faroese. The textbooks are in English and other instructional materials are in English, Scandinavian languages and Faroese. Discussions, presentations etc. are in Faroese.
Students on the sixth semester of Bachelor of Science in Economics and Business Administration are automatically enrolled. Applicants for an individual course apply via the Faculty of History and Social Sciences Office.
Beginning date
Friday, February 10, 2023
End date
Friday, June 2, 2023
Academic content
The aim of the course is to introduce the foundation of economics as a science in practice. A foundational premise is that models are what makes economics a science, and economic models accordingly play a significant role in the curriculum • How are models used in economics? • Which are the crucial preconditions in the models? • Should preconditions reflect reality? • How do we choose between models?
Learning outcomes
Upon successful completion of the course the student will be able to Knowledge • Present his/her knowledge aquired at the course • Idendify, explain and discuss explanations, models and theories in economics • Present the ideas of the Logical Positivists, Karl Popper, Lakatos and Kuhn Skills • Discuss use and misuse of mathematics in economics • Explain the central preconditions in economic models • Explain and assess the traditional methodologies in economics • Explain the difference between models and theories • Discuss the quality and validity of popular ctiticism of economics • Discuss if economics is a science • Explain and discuss the significance of ethics and morality in economics • Identify normative motives in economic arguments • Discuss fairness in economics • Discuss the definition of economic science and its boundaries Competences • Present his/her competences to validate economics in practice and as a science, based on the topics studied at the course
Utility plays a central role in economics and accordingly the course will include ethics and morality in relation to the concept of utility. During the course these topics will be covered: • Use and misuse of economics • The role of models in economics • Models and theories in economics • Methodological issues • The significance of ethics and morality • Equity and efficiency • The Pareto principle and cost-benefit analysis • Limitations for the power of the market • Fairness in economics
Learning and teaching approaches
Lectures, conversation and student presentations of homework
Assessment method
Oral exam with preparation time
Examination (internal/external)
Grading scale
Exam date/dates
The exam is set for 9 June 2023.
Deadline for withdrawal from exam
Friday, February 24, 2023
Academic responsibility and teachers
Academic responsibility
Hans Ellefsen
Johnny í Grótinum