Recognize the different between the two terms. The term "philosophy" is taken from a combination of two Greek words that translates to "love of wisdom." Philosophy is an academic discipline primarily concerned with knowledge types. Epistemology, for example, is the branch of philosophy concerned with the extent and limits of human knowledge. Another branch of philosophy, metaphysics, is concerned with the ultimate nature of the universe. Economics, however, is a discipline within the social sciences that looks at economic systems and how they function. Economists seek to understand these systems to make predictions about the economic future.
Examine the relationship between the two disciplines. Both disciplines deal with knowledge. Philosophy examines broad human knowledge and can encompass a wide range of areas, such as economics. The philosophy of economics is a specialized branch within the field of economics that looks at how economic choices are made and how to understand the outcomes of economic processes. Philosophy and its methodologies can be used to understand how economic systems work and can help define the limits of economic knowledge. Economics, as an example of one form of human knowledge, allows philosophers to understand how human knowledge functions within the context of human economic systems.
Understand the practical implications for the study of economics in conjunction with philosophy. While both can shed light on one another in different ways, understanding how economic choices are made can have ethical dimensions. Philosophy helps to better understand the ethical concerns and dimensions of various economic choices such as how it is decided who should receive government assistance and who should not. Letting one person potentially starve while another is fed with government money is an ethical dilemma that can be better understood through philosophical discourse.