The contributions of Amartya Sen and Cambridge Social Ontology are two important streams in the Cambridge tradition of political economy. Despite significant commonalities, the nature and limits of their convergence remain largely unexamined. Ontology, Ethics and Economics provides the first comparative analysis of these two schools of economic thought. It argues that coherence across economic, social, and ethical theorising can only be achieved when grounded on a solid ontological foundation. While Sen's work has reintroduced crucial ethical dimensions to economics, his reluctance to address ontology systematically has generated tensions that account for the wide and often contradictory interpretations and applications of his work. Offering an explicit account of social reality and its moral implications within a distinctive philosophical framework, this book shows how ontological inquiry can restore political economy's emancipatory orientation and its capacity to offer a genuine alternative to contemporary mainstream economics.

‘The book is an essential reading for all those who wish to understand why, to quote the late Queen, economists were not able to notice an impending global financial crisis, and why mainstream economics is not fit for purpose to address the ecological challenges of our times. The book is superbly written and woven into the author's own experience of the financial crisis. It details with great clarity the contribution of the Cambridge economists to developing an economic theory built on social and ethical foundations. Ragusis continues their legacy by furthering the ontological foundations of Amartya Sen's words. A new generation is born.'

Séverine Deneulin - Laudato Si' Research Institute, Campion Hall, University of Oxford

‘Andonis Ragusis offers a vigorous restatement   of political economy – the study of economics as part of the institutions   of society – against the claim of   contemporary   economics to present the truths of social life as mathematical theorems. Economics, he argues, should set itself the task of ‘navigating uncertainty' rather than claiming to predict outcomes which are necessarily open. His powerful restatement, explored through the Cambridge tradition and the work of Amartya Sen, is a tonic for all who despair that economics, as currently taught and applied, has anything valuable   to offer the world.'

Robert Skidelsky - University of Warwick

‘Finally, a fresh look at political economy. A celebration of everything, and I mean everything – ethics, emotional range, moral compass, interdependency, conventions, values, and more – that economics could be about. Positioning political economy as a fully social science, this book not only explains how economies actually operate but also provides a catalyst for change. It is a reworking of two fine Cambridge traditions into one bold attempt to give ‘mainstream' economics a run for its money.'

Susan J. Smith - President of the British Academy

‘Andonis Ragusis explores critical ethical naturalism and Amartya Sen's capability approach, delineating what they have in common and, importantly, where they differ. In doing so, Ragusis makes a compelling case for the reintegration of ethics and economics.  His work is a significant addition to the Cambridge Social Ontology project and to the emerging paradigm of social positioning theory.'

Simon Deakin - University of Cambridge

‘This meticulous work of scholarship, situated within the school of Cambridge Social Ontology, takes us on a long journey to specify the latter's contribution to the study of ethics, with Aristotle and Amartya Sen as major staging posts along the way. It is compulsory reading and source for those engaged within such scholarship or with Critical Realism in Economics more generally.'

Ben Fine - SOAS University of London

‘It has become obvious to many that economic issues are embedded in social and ethical issues, requiring a revitalisation of the political economy approach. This excellent volume provides an insightful and incisive analysis of how this can be achieved, building on the Cambridge Social Ontology project and Sen's Capability Approach, and ultimately on Aristotle. Their shared ontological content provides the potential for synthesis, but it is shown that consistency in applying ontology is critical.'

Sheila Dow - University of Stirling

‘Ragusis delivers a brilliant and rigorous critique of mainstream economics’ ontological blindness. Drawing on Cambridge social ontology and Amartya Sen’s work, this book exposes the dangerous consequences of treating social phenomena as closed systems governed by deterministic laws. This book is essential reading for anyone seeking to understand why economics must reconnect with philosophy, ethics, and institutional analysis.’

Jostein Hauge - University of Cambridge