Moral Values and Economic Optimization Models: a Reflection on the Anthropology underneath Neoclassical Economic Theory

Abstract

After the global financial crisis of 2008, the neoclassical paradigm’s concepts, built upon an attractive mathematical formalism, have revealed their flaws. In this sense, this paper outlines the need for revising the anthropological concepts and the method underneath the models. The author analyzes mainstream economics as a reductionist theory of human nature, and
poses the need for changing the course of economics towards a personalist perspective, focused on social welfare, that considers the importance of moral values in decision-making. According to the author, economists should carry out their work from a reflexive perspective and dialogue with the rest of the social sciences.