Although people frequently do not acknowledge them, philosophical principles govern their action during life. Many western philosophers use the following categories:


a division of philosophy that is concerned with the fundamental nature of reality and being and that includes ontology, cosmology, and often epistemology. The creator of The Free Market Center espouses the metaphysical systems principles referred to on the linked page.
For more information see Wikipedia: Metaphysics


the study or a theory of the nature and grounds of knowledge especially with reference to its limits and validity.


A branch of philosophy that addresses questions concepts such as good and evil, right and wrong, justice, virtue, etc.


a branch of philosophy dealing with the nature of beauty, art, and taste, and the creation and appreciation of beauty.


Logic plays a critical role in the study of economics—a theoretical science. Reaching valid and true conclusions in economics requires rigorous application of logic.

Political Philosophy

Political Philosophy influences markets because difference political structures impinge on markets to differing degrees.

Social Philosophy

Social behavior falls within the scope of the study of Social Philosophy. People generally place economics under the category of Social Philosophy.