Economic philosophy

An economic ideology distinguishes itself from economic theory in being normative rather than just explanatory in its approach. It expresses a perspective on the way an economy should run and to what end, whereas the aim of economic theories is to create accurate explanatory models. However the two are closely interrelated as underlying economic ideology influences the methodology and theory employed in analysis. The diverse ideology and methodology of the 74 Nobel laureates in economics speaks to such interrelation.

A good way of discerning whether an ideology can be classified an economic ideology is to query if it inherently takes a specific and detailed economic standpoint.

Furthermore, economic ideology is distinct from an economic system that it supports, such as a capitalist ideology, to the extent that explaining an economic system (positive economics) is distinct from advocating it (normative economics). The theory of economic ideology explains its occurrence, evolution, and relation to an economy

Capitalism is a broad economic system where the means of production are largely or entirely privately owned and operated for profit, where the allocation of capital goods is determined by capital markets and financial markets.

There are several implementations of capitalism that are loosely based around how much government involvement or public enterprise exists. The main ones that exist today are mixed economies, where the state intervenes in market activity and provides some services; Laissez faire, where the state only supplies a court, a military, and a police; and state capitalism, where the state engages in commercial business activity itself.

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