Nobody could seriously deny that the economic realm dominates many central aspects of our life. Economics is the science that is supposed to describe and explain economic phenomena. Yet, economic theory is a perplexing subject. A few centuries after its birth, its cognitive status and methods are still largely unclear and controversial. The course aims to encourage critical philosophical reflection on modern economic theory and its fundamental concepts and to achieve a better understanding of modern economies and their relevance for society and social justice. We shall evaluate issues including the nature of economic explanation and knowledge, the status of the fundamental postulates, laws, theories and models in contemporary economics, the influence of ideologies in economics, and some major questions in political economy related to collective choice and social justice.