Economic Philosophy: An Analysis of Principles and Practical Applications

Abstract

Economic philosophy is an interdisciplinary field that integrates philosophical principles with economic theories to explain and guide economic decisions in the context of modern society. This paper aims to analyze the core aspects of economic philosophy, including foundational principles such as individualism, collectivism, economic justice, and ethical values in economics. Through philosophical analysis and literature review, the paper explores how philosophical ideas from thinkers like Adam Smith, Karl Marx, and John Rawls influence contemporary economic policies. The findings indicate that economic philosophy not only provides a theoretical framework but also shapes strategies for sustainable development and social justice. The paper also discusses challenges in applying economic philosophy principles in practice, particularly in the context of globalization and increasing economic inequality. Finally, it proposes future research directions to integrate economic philosophy into the development of more sustainable economic models.