The philosophy of economics explores the foundational concepts, assumptions, and implications of economic theories and practices. It examines questions about value, choice, and the nature of economic agents, often considering how ethical considerations influence economic decisions. This field also investigates the methodologies used in economics, such as the role of models and empirical data. Philosophers of economics, like Friedrich Hayek and John Stuart Mill, analyze how economic theories relate to broader philosophical issues, including justice, freedom, and social welfare.