Source: Foundation for Economic Education
by Ella Dawson
“Can economic systems really be moral or immoral? The end of all economic systems, according to one interpretation of Plato’s Republic, is justice. ‘Plato’s starting point is that the organization of society depends ultimately upon knowledge of the end of existence,’ John Dewey, the father of modern education, writes: ‘If we do not know its end we shall be at the mercy of accident and caprice. Unless we know the end, the good, we shall have no criterion for rationally deciding what the possibilities are which should be promoted, nor how social arrangements are to be ordered’ Dewey is correct, that without a certain end, we shall be at the mercy of accident and ‘caprice’—meaning unpredictable and sudden changes. But Dewey is wrong (and potentially Plato as well) both about approaching economics from a collective angle, and implying that social arrangements even need to be artificially ordered.” (07/10/26)