I’m neither an epistemologist nor an economist; I offer this nonetheless.
- Post-modernism is, at root, a rejection of the view that knowledge has foundations. This does not entail that there is no knowledge or no objective truth. Nonetheless,
- Some post-modernists seem to mistakenly believe there is no objective truth.
- Economics, as the study of exchange, accepts—indeed, relies upon the assumption—that people have subjective preferences. This does not entail that all preferences are equally good or that there is no such thing as “objectively better.” Nonetheless,
- Some economists seem to mistakenly believe there is no objective value.
I’ve long wondered whether those in 4 making the same sort of mistake as those in 2.
Note that for those in 2, there is no objective truth to discover, so nothing other than the (somehow always subjective or inter-subjective) project of learning why people believe what they do and how this affects them. This is, to be sure, an interesting and valuable project, but not one that can be objectively defended if it’s own reasoning is right.
Similarly, for those in 4, there can be no objective defense of their project–whatever value it has is subjective.
Better views of both post-modernism and economics are, obviously, available. Lack of foundations can leave us finding objectivity in coherence, pragmatics, or reliable truth-finding methods (or even correspondence). Reliance on the subjectivity of preferences for one purpose is consistent with objectivity (of the goodness,* for example) of the same preferences for other purposes—and with objective value elsewhere. Indeed, I think the group noted in 2 only includes some (the worst) post-modernists and I think the group noted in 4 only includes a few (and not the best) economists. I worry, on the other hand, that students in many college departments (not, usually Philosophy Departments) do fall into 2 and many economics students fall into 4. We should seek to prevent both.
*People can subjectively value, or not, items without objective value and people can fail to subjectively value items with objective value.