The (Implicit) Microeconomic Foundations of The Economy of Francesco

digital

Article

Magazine

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI

Section

Open Access

Title

The (Implicit) Microeconomic Foundations of The Economy of Francesco

Author

Tommaso Gabrieli

Publisher

Vita e Pensiero

Format

Article |

Pdf

Online from

05-2022

Doi

10.26350/000518_000083

Issn

0035-676X (print) | 1827-7918 (digital)

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Description

In this paper, I analyse the microeconomic foundations of the economic judgements expressed in the encyclical letters of Pope Francis. I argue that these judgements are based on the implicit assumption that 1) human preferences are not those of the selfish Homo economicus and 2) market outcomes are neither equitable nor efficient. I discuss how both 1) and 2) are alternative foundations of the standard neoclassical paradigm, and I offer a review across economic fields of the most important contributions that explicitly put forward these microeconomic foundations. The fact that 1)is a criticism of individual assumptions and 2) is a criticism of an aggregate outcome poseschallenges and opportunities: a growing body of recent economic research has offered importantcontributions on such links; therefore, I show that modern economic research can offer a comprehensive microeconomic foundation of The Economy of Francesco.