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 a critical, philosophical reflection on modern economic theory and its fundamental concepts and postulates, and achieve a better understanding of modern economies and their relevance for society and social justice. We shall evaluate issues including the nature of economic knowledge and explanation, the status of the fundamental postulates, theories and models in economics, the influence of ideology, the concept of economic efficiency, the question whether economics is descriptive or normative and some central questions concerning the relevance of economics for collective choice and social justice. This is a seminar in which students present the main readings.