Catholicism and Economics: Towards a 'Deeper Reflection on the Nature of the Economy and its Purposes'

Many of the problems neoclassical economic theory has in explaining the real world stem from its narrow view of human nature—the “rational economic man” model, which forces economists to exclude social and historical context. Every social theory starts with a view of human nature that necessarily comes from outside the social sciences. Philosophy and theology are the sources of our ideas about the nature of humans, society, and the good that humans pursue. Catholic Social Thought has a rich understanding of human nature, which includes both the uniqueness of persons and their inherently social nature. Starting from this foundation, economists can develop a deeper understanding of the nature of the economy. Catholic Social Thought does not offer a different economic theory or model, but it does provide an alternative vision upon which more adequate and realistic economic theories can be constructed.