Moral philosophy is a part of it and how it is often used but not all of it. It is possible to be objectively incorrect and it becomes rapidly apparent.

Use fixed universal prices regardless of location and you /will/ have problems. The Soviets tried unsuccessfully to do a value calculation for their existence.

Economics points out for instance that stopping smuggling without offering an alternative serves as a subsidy for the successful smugglers.

Doing the math to point out that say a deflationary currency would eventually become worthless as a currency is likewise objective.