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Causation in economics has a long history with Adam Smith explicitly acknowledging its importance via his (1776) An Inquiry into the Nature and Causes of the Wealth of Nations and David Hume (1739, 1742, 1777) and John Stuart Mill (1848) both offering important contributions with more philosophical discussions.
David Hume coined a sceptical, reductionist viewpoint on causality that inspired the logical-positivist definition of empirical law that "is a regularity or universal generalization of the form 'All Cs are Es' or, whenever C, then E". [1]
The nature of cause and effect is a concern of the subject known as metaphysics. Kant thought that time and space were notions prior to human understanding of the progress or evolution of the world, and he also recognized the priority of causality.
The moral philosophy of Adam Smith founded the neo-classical worldview in economics, which states that one's quest for happiness is the ultimate purpose of life and that the concept of homo economicus describes the fundamental behaviour of the economic agent.
Humeanism refers to the philosophy of David Hume and to the tradition of thought inspired by him. Hume was an influential eighteenth century Scottish philosopher well known for his empirical approach, which he applied to various fields in philosophy.
The ethics of economic systems is an area of overlap between business ethics and the philosophy of economics. People who write on the ethics of economic systems are more likely to call themselves political philosophers than business ethicists or economic philosophers.
In philosophy, potentiality and actuality [1] are a pair of closely connected principles which Aristotle used to analyze motion, causality, ethics, and physiology in his Physics, Metaphysics, Nicomachean Ethics, and De Anima. [2] The concept of potentiality, in this context, generally refers to any "possibility" that a thing can be said to have.
Universal causation is the proposition that everything in the universe has a cause and is thus an effect of that cause. This means that if a given event occurs, then this is the result of a previous, related event. [ 1 ]