The Is‐Ought Problem and the Ground of Economic Ethics

The problem this essay addresses is the IS‐OUGHT problem as it is related to science, economics and ethics. The problem is especially provocative in ethics, for though ethics would seem to concern the OUGHT most directly, not a few thinkers have despaired of ever finding a way to ground ethics in an IS of some sort. Parallel to this is the dual challenge confronting economics: to ground economics is the IS, in reality, and at the same time warrant and ground economically prescriptive statements, that is, to justify OUGHT statements in economics.