That’s a big question, and answers will vary depending on what time periods you are interested in, as well as which schools of philosophy you consult. As a gross generalization (with plentiful exceptions), we might say that for most of its history economics has been primarily philosophical in its basis, with several attempts to justify philosophical positions with empirical observations (Marx was one of the first to attempt this in a systematic way). More recently, however, different schools of economics have been able to start with empirical observations, and extrapolate evaluative metrics and systemic frameworks from there — microeconomics through a lens of behavioral science is one such attempt. Also, if you have a chance to peruse Freakonomics podcasts and literature, there are some very interesting “evidence-based” approaches to economics to be found there. At the macroeconomic level, however, the complexity of analysis has far exceeded most cohesive, integrated models except in retrospect: that is, we can look back on past events and analyze the data to derive some useful principles. Even then, however, ideology has often driven conclusions. There is also the challenge of “the myth of the given” with respect to capitalism: economics presupposes that capitalism can be understood in economic terms, and so an entire language of economic terms has grown up around its analysis of capitalism. But could it be that all of this is just invention? That economics (as a science) really can’t “get its head” around capitalism entirely — and certainly not empirically? This is not a widely-held view among economists…but I suspect that, if you queried some philosophers about economics, this is an hypothesis they might entertain.
My 2 cents.
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