El Realismo Crítico Auténtico (RCA) sostenido por Uskali Mäki se distingue del Realismo Crítico de Lawson. En el marco del Realismo Mínimo se explicitará qué es el RCA y se presentará el Realismo Posible de los modelos económicos en su versión MISS. Se diferenciará el Realismo Mínimo del Realismo Científico Standard. Se desarrollarán las dificultades en torno al RCA.

The standard perception of the dichotomy between population thinking and essentialism (typological thinking) in evolutionary economics descends from the golden age of the neo-Darwinian Synthesis. Over the last few decades the received view on population thinking has been seriously challenged in biology and its philosophy. First, the strong version of population thinking that banishes essentialism witnessed important tensions stemming from the ontological status of species. These tensions have been amplified by the demise of positivism and the rise of a new (...) essentialism in philosophy of science. Second, the soft version that transforms the opposition between population thinking and essentialism to the dichotomy between ultimate and proximate causation has led to contradictory interpretations regarding the locus of ultimate causes. Taking stock of the previous discussion the paper addresses the limits to population thinking in the socio-economic realm. The upshot is that without denying the important achievements made by the application of population thinking in sub-disciplines like industrial dynamics and economic anthropology, the idea to generalize these applications into the whole socio-economic realm is problematic. The aforementioned achievements cannot come to grips with the structural aspects of capitalism, its different periods (e.g. the contemporary finance-led capitalism) and its geographical varieties. The resulting gap points to the importance of structural analysis (essentialism) and evolutionary political economy. The latter is distinguished from the rest of evolutionary economics by its project to go beyond the surface of economic phenomena and to critically analyze their underlying social structures. (shrink)

This paper is motivated by Davis’ [14] theory of the individual in economics. Davis’ analysis is applied to health economics, where the individual is conceived as a utility maximiser, although capable of regarding others’ welfare through interdependent utility functions. Nonetheless, this provides a restrictive and flawed account, engendering a narrow and abstract conception of care grounded in Paretian value and Cartesian analytical frames. Instead, a richer account of the socially embedded individual is advocated, which employs collective intentionality analysis. This provides (...) a sound foundation for research into an approach to health policy that promotes health as a basic human right. (shrink)

The purpose of this essay is to formulate a sociological critique of the concept of scarcity in mainstream economics by synthesising necessary conceptions in the construction of a theoretical structure with greater explanatory power than the current mainstream articulation. Mainstream economics asserts the universality of scarcity. A critical scrutiny of this assertion is conducted by discussing the empirical phenomenon of global hunger in relation to a theoretical elaboration of the concepts of scarcity and abundance. The historical origins of the scarcity (...) postulate is traced to the work of Carl Menger. The concern of global hunger shows that there is abundance of food goods, but still frustration of human needs occurs. An alternative approach is developed through a theoretical synthesis of Menger, Amartya Sen and critical realism, which asserts an ontologically stratified, differentiated and geo-historically conditioned understanding of scarcity and abundance. It is proposed that this approach is more fruitful than the scarcity postulate in explaining the process and conditions of frustration and satisfaction of human needs. Merely postulating scarcity tends to veil the underlying causes of poverty in general and hunger in particular. Central implications of the new model for socioeconomic analysis are considered. (shrink)

In this paper we focus on the structural approach and structural method developed from Sampedro’s work. We propose that this approach is inside the systemic paradigm and it has two interdependent and necessary ideas. On the one hand, we take as a reference some schools of thought in economics and the structural method with two stages. On the other hand, some macroeconomic principles has been derived from the vision and the methodology, which give the structural approach an analytical, synthetic, aggregate (...) and historiographical character. In this sense, the main argument is that structural analysis has its own macro-theoretical characterization. In this way, the structural approach allows valid analysis in order to increase our knowledge of the economic reality. En este trabajo se realiza una aproximación al enfoque y método estructural, a partir de los conceptos postulados en la obra de Sampedro y su posterior inclusión dentro de un paradigma sistémico, distinguiéndose dos pilares interdependientes y mutuamente necesarios. Por un lado, para tratar los aspectos epistemológicos se distinguen las escuelas consideradas de referencia en economía y se detalla el método estructural basado en la etapa descriptiva y la de síntesis. Por otro lado, se tratan los principios macroeconómicos que se derivan de la visión y de la metodología y que otorgan al enfoque estructural un carácter analítico, sintético, agregado e historiográfico. En este sentido la tesis principal del artículo es que el análisis estructural posee una caracterización macroeconómica propia que permite realizar análisis válidos de modo sistemático, con el propósito de aumentar los conocimientos sobre la realidad económica. (shrink)

Many studies of the labour market spatial mismatch rely on the deductivenomological model of causation to test the theory that low-skilled, inner-city residents have been isolated from the knowledge of job opportunities by the suburbanization of jobs. The logic of this approach follows the deductivenomological model of explanation which establishes causation by measuring the constant conjunctions between ‘causes’ and ‘effects’. As an alternative, I have used a realist approach to the study of the labour market spatial mismatch that uses a (...) ‘causal-explanatory’ method. This approach entails the qualitative description of the causal mechanism in order to discover and conceptualize its causal properties. The results suggest that the spatial mismatch theory could be refined in order to accommodate the finding that workers in excluded ghettos do not necessarily rely solely on local social networks to find out about job vacancies. Instead, workers with employment experience have strong workplace-based social networks. Since employers recruit workers by relying on referrals from trusted workers, these workplacebased social networks can put job seekers at the front of the hiring queue, regardless of where they live. (shrink)

. This article analyzes the epistemic contributions of models by distinguishing three roles that they might play: an evidential role, a revealing role and a stimulating role. By using an account of learning based on the philosophical understanding of propositional knowledge as true justified belief, the paper provides the conditions to be fulfilled by a model in order to play a determined role. A case study of an economic model of the labor market—the DMP model—illustrates the usefulness of these conditions (...) in articulating debates over the epistemic contributions of a given model. (shrink)

Based on my study of the Rhodes Must Fall movement, I develop a rejectionist perspective by identifying the understanding and mobilization of epistemic disobedience as the core premise of such a perspective. Embedded in this contextual perspective, epistemic disobedience refers to the decolonization of the self and a fight against colonial legacies. I argue that, rather than viewing a rejectionist perspective as a threat, it should be integrated into the moral learning of contemporary institutions and businesses. This approach is important (...) in ensuring colonial legacies and biases do not create further racism or unequal situations for marginalized groups. The implication for critical management studies is that scholars from this camp should be more sensitive to issues of black consciousness and implement an authentic pragmatic ideal to promote black culture and historiographies in universities and curricula. It also highlights a need for the field of business ethics to apply more sensitive theory of marginalized stakeholders in order to prevent any escalation of violence by multinational corporations in the name of shareholder value creation and profit-maximization. (shrink)

This article argues that agent-based modeling is the methodological implication of Lawson’s championed ontological turn in economics. We single out three major properties of agent-based computational economics, namely, autonomous agents, social interactions, and the micro-macro links, which have been well accepted by the ACE community. We then argue that ACE does make a full commitment to the ontology of economics as proposed by Lawson, based on his prompted critical realism. Nevertheless, the article also points out the current limitations or constraints (...) of ACE. Efforts to overcome them are deemed to be crucial before ACE can make itself more promising to the current ontological turn in economics. (shrink)

In this paper, we illustrate some important concepts of philosophy of science through the exposure of two macroeconomic models fairly simple, classical and Keynesian, presented in introductory macroeconomic courses. Concepts worked in philosophy of science as the hypothetical-deductive model, the symmetry thesis, the idea of Kuhnian paradigm, Lakatosian scientific research program, as well as those proposed by Lawson in the field of critical realism, are sought and identified in these macroeconomic models as a way to show that the study of (...) methodology is fundamental to the understanding of the scientific theories — the raw material of social science. (shrink)

In this article, we first question the cogency of the strict delimitation of the object of study of economics in real business cycle theory and investigate its methodological and ontological consequences in the light of Roy Bhaskar's transcendental realism. We discuss the limits of real business cycle theory for detecting regularities, as well as the possibility of refuting conjectures. Finally, we show that our conclusions can be generalized to economic theories relying on the notion of general equilibrium.

This paper's purpose is to set forth the conditions of explanation in the domain of formal modelling of social action. Explanation is defined as an adequate account of the underlying factors bringing about a phenomenon. The modelling of a social phenomenon can claim explanatory value in this sense if the following two conditions are fulfilled. (1) The generative mechanisms involved translate the effects of real factors abstracted from their phenomenal context, not those of purely ideal ones. (2) The explanatory hypotheses, (...) which account for the effects of explanatory factors, and the purely descriptive hypotheses, which introduce conceptual simplifications and summarise complex secondary mechanisms, are relatively independent from each other with regard to the phenomenon represented. This condition subjects the model to testing by alternatives through the development of purely descriptive hypotheses in the sense of explanatory or analytical realism. (shrink)

Social network analysis (SNA) is an increasingly popular approach that provides researchers with highly developed tools to map and analyze complexes of social relations. Although a number of network scholars have explicated the assumptions that underpin SNA, the approach has yet to be discussed in relation to established philosophies of science. This article argues that there is a tension between applied and methods-oriented SNA studies, on the one hand, and those addressing the social-theoretical nature and implications of networks, on the (...) other. The former, in many cases, exhibits positivist tendencies, whereas the latter incorporate a number of assumptions that are directly compatible with core critical realist views on the nature of social reality and knowledge. This article suggests that SNA may be detached from positivist social science and come to constitute a valuable instrument in the critical realist toolbox. (shrink)

Contemporary developments in economicmethodology have produced a vibrant agenda ofcompeting positions. These include, amongothers, constructivism, critical realism andrhetoric, with each contributing to the Realistvs. Pragmatism debate in the philosophies of thesocial sciences. A major development in theneo-pragmatist contribution to economicmethodology has been Quine's pragmatic assaulton the dogmas of empiricism, which are nowclearly acknowledged within contemporaryeconomic methodology. This assault isencapsulated in the celebrated Duhem-Quinethesis, which according to a number ofcontemporary leading philosophers of economics,poses a particularly serious methodologicalproblem for economics. This problem, (...) asreflected in Hausman's analysis, consists ofthe inability of economics to learn fromexperience, thereby subverting the capacity totest economic theories. In this paper wedispute this position. Our argument is basedon a combination of Quine's holism with VanFraassen's constructive empiricism, especiallythe latter's analysis of empirical adequacy andhis pragmatic approach to explanation. Theresulting reorientation of economic methodologyrestores the capacity of economics to learnfrom experience and reinstates the imperativeof developing alternatives to orthodoxtheorizing in economics. (shrink)

This article offers new theoretical and empirical insights into decision-making with regard to the domestication and incorporation of home energy efficiency artefacts. These items, such as insulation and heating systems, are currently of high social, political and environmental importance. Researchers investigating energy consumption and related topics have recently turned to theories of practice — especially that proposed by Shove and colleagues — which treat humans as ‘carriers’. In contrast, this article uses realist social theory to afford a pivotal role to (...) reflexivity in practice. Individual case studies, derived from in-depth interviews, are used to explore Archer's communicative, autonomous and meta-reflexive modes. And, at the same time, Archer's distinction between natural, practical and social orders of reality is used to show the importance of embodied and practical knowledge in HEE practices. As such, this article takes the theoretical focus in this research area beyond dispositions and.. (shrink)

Abstract This paper explores gender and mental health with particular reference to the emerging philosophical field of critical realism. This philosophy suggests a shared ontology and epistemology for the natural and social sciences. Until recently, most of the debate surrounding gender and mental health has been guided either implicitly or explicitly within a positivist or constructivist philosophy. With this in mind, key areas of critical realism are explored in relation to gender and mental health, and contrasted with the positions of (...) positivism and constructivism. It is argued that critical realism offers an alternative philosophical framework for the exploration of gender issues within mental health care. (shrink)

This article examines and assesses Bernard Hodgson’s critique of the Neoclassical concept of rationality and its place in the literature. It is argued that Hodgson’s Trojan horse critique is superior to the others because it addresses the role of empiricist epistemology in reducing reason to instrumental rationality and consequent disappearance of the human subject of political economy. The second phase of the empiricist level of analysis reintroduces the capacities for ethical deliberation, self-determination, and the socio-historical conditions and institutional setting of (...) the economic agent. Because Hodgson’s solutions presuppose empiricist terrain, they are arbitrary. This occurs because the fundamental problem of Neoclassical rationality is its ontology. Yet by introducing the human subject into economic theory, Hodgson’s solutions move onto an ontological terrain adequate for economic analysis of human subjects. (shrink)

Social ontology is the study of the nature and properties of the social world. It is concerned with analyzing the various entities in the world that arise from social interaction. -/- A prominent topic in social ontology is the analysis of social groups. Do social groups exist at all? If so, what sorts of entities are they, and how are they created? Is a social group distinct from the collection of people who are its members, and if so, how is (...) it different? What sorts of properties do social groups have? Can they have beliefs or intentions? Can they perform actions? And if so, what does it take for a group to believe, intend, or act? -/- Other entities investigated in social ontology include money, corporations, institutions, property, social classes, races, genders, artifacts, artworks, language, and law. It is difficult to delineate a precise scope for the field (see section 2.1). In general, though, the entities explored in social ontology largely overlap with those that social scientists work on. A good deal of the work in social ontology takes place within the social sciences (see sections 5.1–5.8). -/- Social ontology also addresses more basic questions about the nature of the social world. One set of questions pertains to the constituents, or building blocks, of social things in general. For instance, some theories argue that social entities are built out of the psychological states of individual people, while others argue that they are built out of actions, and yet others that they are built out of practices. Still other theories deny that a distinction can even be made between the social and the non-social. -/- A different set of questions pertains to how social categories are constructed or set up. Are social categories and kinds produced by our attitudes? By our language? Are they produced by causal patterns? And is there just one way social categories are set up, or are there many varieties of social construction? -/- The term ‘social ontology’ has only come into wide currency in recent years, but the nature of the social has been a topic of inquiry since ancient Greece. As a whole, the field can be understood as a branch of metaphysics, the general inquiry into the nature of entities. (shrink)

Abstract In this paper, I argue that the traditional philosophical approach of taking cognitively and emotionally competent adult people to be the prototypical instances of agency should be revised in light of current work in the behavioral sciences. Logical consistency in application is better served by taking simple goal-directed and feedback-governed systems such as insects as the prototypes of the concept of agency, with people being agents ?by extension? in the same sense as countries or corporations.

In the methodology of scientific research programs (MSRP) there are important features on the problem of prediction, especially regarding novel facts. In his approach, Imre Lakatos proposed three different levels on prediction: aim, process, and assessment. Chapter 5 pays attention to the characterization of prediction in the methodology of research programs. Thus, it takes into account several features: (1) its pragmatic characterization, (2) the logical perspective as a proposition, (3) the epistemological component, (4) its role in the appraisal of research (...) programs, and (5) its place as a value for scientific research. -/- The notion of “novel facts” is highly relevant in his conception, where several aspects are involved: the directions of novel facts, the different kinds of novelty, and the transition from six possible options of “novel facts” to four choices. Thereafter, the prediction of novel facts as the criterion of appraisal is considered. On the one hand, this requires analyzing the theoretical, empirical, and heuristic possibilities of appraisal; and, on the other, whether there is an overemphasis on the role of prediction in methodology of scientific research programs. As a consequence, there is an analysis of Lakatos’ criterion of appraisal in MSRP and economics. (shrink)

The critique of philosophical foundations of neoclassical economics is significant, because of its hegemony on economic education and research programs in Iran and worldwide academies. Due to an epistemological fallacy, methodological individualism plays a prominent role in the philosophy of economic; since the ontological aspects of economy are reduced to methodological considerations. Accordingly, critique of methodological individualism is regarded as the main entry for philosophical analysis of neoclassical economics. This article aims to analyze and appraise the methodological individualism from critical (...) realism’s point of view. Critical realism is taken as a stand for criticizing methodological individualism, because critical realism and neoclassical economics as a positive approach to economics, both share a realistic worldview. The critical realism’ critique of methodological individualism is bases on analyzing the concepts of formalism, syllogism, social atomism, isolation and reduction. From critical realism’ point of view because of unrealistic postulations of methodological individualism, neoclassical economics is turned to an abstract and deductive science such as mathematics with a low potentiality of explanation. (shrink)

This open access book provides an exploration of the consequences of the ontological differences between natural and social objects (sometimes described as objects of nature and objects of thought) in the workings of causal and agency relationships. One of its important and possibly original conclusions is that causal and agency relationships do not encompass all of the dependent relationships encountered in social life. The idea that social reality is contingent has been known (and largely undisputed) at least since Wittgenstein’s “On (...) Certainty”, but social science, and most notably economics has continued to operate on the basis of causal and agency theories borrowed or adapted from the natural sciences. This volume contains essays that retain and justify the partial or qualified use of this approach and essays that totally reject any use of causal and agency theory built on determined facts (closed systems).The rejection is based on the possibly original claim that, whereas causation in the objects of the natural sciences reside in their properties, human action is a matter of intentionality. It engages with critical realist theory and re-examines the role of free will in theories of human action in general and economic theory in particular. (shrink)

We develop a methodological framework to develop process theories on routines by leveraging large volumes of digital trace data following critical realism principles. Our framework begins with collecting and preprocessing digital trace data, corresponding to the empirically observed experience of critical realism. In the second and third steps of the framework, we identify a finite set of similar repetitive patterns (routines) through computational analysis. We accomplish this by combining frequent subsequence mining and clustering analysis to transform empirical observation into a (...) set of routines that correspond to actual happening in critical realism. Then, we employ a retroduction approach to identify generative mechanisms of the routines. In the final step, we validate the generative mechanisms by evaluating proposed processual explanations and/or eliminating alternatives. We provide an illustrative example of developing a process theory in relation to the collaboration pattern in Wikipedia. (shrink)

In this study, I use the Critical Realism perspective of power to explain how the Bitcoin protocol operates as a system of power. I trace the ideological underpinnings of the protocol in the Cypherpunk movement to consider how notions of power shaped the protocol. The protocol by design encompasses structures, namely Proof of Work and Trustlessness that reproduce asymmetrical constraints on the entities that comprise it. These constraining structures generate constraining mechanisms, those of cost effectiveness and deanonymisation, which further restrict (...) participating entities’ ‘power to act’, reinforcing others’ ‘power over’ them. In doing so, I illustrate that the Bitcoin protocol, rather than decentralising and distributing power across a network of numerous anonymous, trustless peers, it has instead shifted it, from the traditional actors (e.g., state, regulators) to newly emergent ones. (shrink)

It is currently common to conceive of the classic methodological individualism–holism debate in level terms. Accordingly, the dispute is taken to concern the proper level of explanations in the social sciences. In this paper, I argue that the debate is not apt to be characterized in level terms. The reason is that widely adopted notions of individualist explanations do not qualify as individual-level explanations because they span multiple levels. I defend this claim relative to supervenience, emergence, and other accounts of (...) the social world as levelled. Moreover, I discuss the consequences of this finding for the ongoing methodological individualism–holism debate. (shrink)

It is currently common to conceive of the classic methodological individualism–holism debate in level terms. Accordingly, the dispute is taken to concern the proper level of explanations in the social sciences. In this paper, I argue that the debate is not apt to be characterized in level terms. The reason is that widely adopted notions of individualist explanations do not qualify as individual-level explanations because they span multiple levels. I defend this claim relative to supervenience, emergence, and other accounts of (...) the social world as levelled. Moreover, I discuss the consequences of this finding for the ongoing methodological individualism–holism debate. (shrink)

Including the perspectives of scientists about the nature and process of science is important for an authentic and nuanced portrayal of science in science education. The small number of studies that have explored scientists’ worldviews about science has thus far generated contradictory findings, with recent studies claiming that scientists simultaneously hold contradictory sophisticated and naïve views. This article reports on an exploratory study that uses the framework of Bhaskar’s critical realism to elicit and separately analyse academic scientists’ ontological and epistemological (...) views about science in semi-structured interviews. When the views of scientists are analysed through the lens of critical realism, it is clear that it is possible to hold a realist ontological commitment about what knowledge is of, simultaneously with a fallibilist epistemological commitment about knowledge itself. The apparent incongruence of scientists’ so-called naïve and sophisticated views about science is resolved when analysed using a critical realist framework. Critical realism offers a simple and coherent framework for science educators that avoids many of the problems of positivism and social constructivism by finding a middle ground between them. The three pillars of critical realism: ontological realism, epistemological fallibilism and judgmental rationality help to make sense of how socially constructed scientific knowledge can be anchored in an independent reality. (shrink)

The history of economic thought witnessed several prominent economists who took seriously models and concepts in physics for the elucidation and prediction of economic phenomena. Econophysics is an emerging discipline at the intersection of heterodox economics and the physics of complex systems, with practitioners typically engaged in two overlapping but distinct methodological programs. The first is to export mathematical methods used in physics for the purposes of studying economic phenomena. The second is to export mechanisms in physics into economics. A (...) conclusion is drawn that physics transfer is often justified at the level of mathematical transfer but unjustified at the level of mechanistic transfer. (shrink)

In this article, I examine Luhmann’s, Bunge’s and others’ views on emergence, and argue that Luhmann’s epistemological construal of emergence in terms of Totalausschluss (total exclusion) is both ontologically flawed and detrimental to an appropriate understanding of the distinctive features of social emergence. By contrast, Bunge’s rational emergentism, his CESM model, and Wimsatt’s characterization of emergence as nonaggregativity provide a useful framework to investigate emergence. While researchers in the field of social theory and sociology tend to regard Luhmann as the (...) sole representative of systems theory, the latter has been characterized by its diversity, and the writings of such systems theorists as Mario Bunge deserve more (critical) attention from social researchers than they receive at present. Finally, this article suggests that the perennial debate over methodological individualism and holism in social science may make real progress if such ambiguous terms as reduction and reductionism are elucidated before they are employed. (shrink)

This paper offers a realist critique of socialresearch on health inequalities. A conspectus of thefield of health inequalities research identifies twomain research approaches: the positivist quantitativesurvey and the interpretivist qualitative `casestudy'. We argue that both approaches suffer fromserious philosophical limitations. We suggest that aturn to realism offers a productive `third way' bothfor the development of health inequality research inparticular and for the social scientific understandingof the complexities of the social world in general.

In this review essay, I examine the central tenets of sociologist Dave Elder-Vass’s recent contribution to social ontology, as put forth in his book The Causal Power of Social Structures: Emergence, Structure and Agency. Elder-Vass takes issue with ontological individualists and maintains that social structures exist and have causal powers in their own right. I argue that he fails to establish his main theses: he shows neither that social structures have causal powers “in their own right” (in any sense of (...) this expression) nor that they exist. (shrink)

Within cultural history there is a widespread eschewal of speculative reasoning. This article notes the complicity of the general postmodern avoidance of metanarratives with Anglo-Saxon empiricism and locates the major problem facing cultural history in postmodernism's conflation of trajectories and teleologies. Any discussion of the directionality of history is imputed to be a full-blown teleology. Using previous discussions from different fields, the difference between a teleology and trajectory is defended and, after clarifying certain confusions, it is argued that trajectories, as (...) following the working of generative mechanisms, are necessary to theorize in order to make interesting progress within the field of cultural history. (shrink)

Během nedávno započaté hospodářské krize se paralelně s aplikací netradičních hospodářských politik zvýšil tlak na potlačení ortodoxních ekonomických teorií hlavního proudu a po několika desetiletích se v ekonomii znovu otevírá prostor pro nové teorie, metodologie, paradigmata. Cíle této práce jsou tři. Cílem prvním je obecná sumarizace základních východisek post keynesiánské ekonomické metodologie. Cílem druhým je pak jasné vymezení této heterogenní teorie vůči neoklasické metodologii s ambicí zcela od základů alternovat tuto starou metodologii. A konečně cílem třetím je analýza architektury post (...) keynesiánské makroekonomické metodologie včetně její primární metody zkoumání. Ta je spojena zejména s kritikou absence realismu v neoklasické ekonomii. (shrink)

In a broad brush, biological models are often constructed in two general types: as a concrete model; as an abstract model. A concrete model is a material model such as model organisms, while an abstract model is a mathematical or computational model consists of equations or algorithms. Though there are types of biological models that cannot be strictly categorized as either concrete or abstract, they are falling somewhere in between this spectrum. In view of the fact that biological phenomena are (...) sui generis and distinct from physical phenomena in many respects, using the concepts in standard modeling fails to account for the differences between biological sciences and physical sciences. Drawing from the resources of a credible-world account of models in economic modeling, I propose to reinterpret abstract models and concrete models in the light of the credible world account of models. (shrink)

ABSTRACTThis paper is premised on the call to re-orientate marketing as a contributing social science. It gathers together criticisms of marketing research which identify inconsistencies that prevent our progress. It posits that we are driven to reproduce these inconsistencies because of a closed-system of practice and because of the generative absence of an effective, reflexive and integrative metatheoretical structure. In response to these problems, the paper aims to offer an integrative metatheoretical structure from which to ground our research and intervene (...) in the identified inconsistencies. The paper therefore offers a perspective on the constitution of the world, before addressing the terms and conditions on which the world is to be researched and explained. This conceptual contribution employs tools developed in the critical realist philosophy of social science to address: instances of absence within marketing research; and how these instances are generated and reproduced. It then suggests how these absences can be rectified. (shrink)

A centipede can walk until it thinks about howit does so. Thereafter it stumbles, over thesheer impossibility of the information andcoordination required. Life in the economy islittle different. Those engaged in productionand exchange discover, pragmatically, ways tomake them work. Those observing the processsee, realistically, the immense improbabilitythat it should do so. That most economies workin practice, but must pass such toughteleological tests to succeed in theory,highlights a difference between players' andspectators' outlook which may help to explainwhy the game has repeatedly (...) been thrown wideopen just when conclusive results seemed withinreach.Section 1 of this paper identifies the fourforms of realism which economists have tendedto adopt. Section 2 considers the pragmatism ofeconomic agents, when observed in action bypsychologists and management scholars notoverly steeped in economic theory. Theconcluding section reviews the ways in whicheconomists have tried to blur the distinction,by reclassifying agents as realistic or theirown views as pragmatic, and suggests that amore pragmatic economics might bridge thedivide. (shrink)

ABSTRACT What constitutes a Black Swan? And under what conditions may a Black Swan be expected to arise? As Nassim Taleb describes it, a Black Swan is an event that displays three key properties, the two most important of which are that: (1) it is not even imagined as a possibility prior to its occurrence; and (2) it is in some way significant in its impact. It follows that whether or not an event counts as a Black Swan depends on (...) the subjective imaginings of contemporaneous observers and their (usually implicit) criteria regarding what counts as a “significant impact.” Since there is nothing in determinism that precludes (1) and (2), Black Swans may occur even in a perfectly deterministic world. Nevertheless, if the world is indeed characterised by randomness, free will, emergence, and the like, then it is arguably more likely to throw forth events that display the above‐mentioned properties. The same goes for various specific features of an increasingly interconnected global economy, which allowed Taleb (paradoxically) to forecast what was, for most of us at least, the great Black Swan of 2008. (shrink)

This paper aims (a) to provide characterizations of realism and instrumentalism that are philosophically interesting and applicable to economics; and (b) to defend instrumentalism against realism as a methodological stance in economics. Starting point is the observation that ‘all models are false’, which, or so I argue, is difficult to square with the realist's aim of truth, even if the latter is understood as ‘partial’ or ‘approximate’. The three cheers in favour of instrumentalism are: (1) Once we have usefulness, truth (...) is redundant. (2) There is something disturbing about causal structure. (3) It's better to do what one can than to chase rainbows. (shrink)

A recent movement in the social sciences and philosophy of the social sciences focuses on mechanisms as a central analytical unit. Starting from a pluralist perspective on the aims of the social sciences, I argue that there are a number of important aims to which knowledge about mechanisms—whatever their virtues relative to other aims—contributes very little at best and that investigating mechanisms is therefore a methodological strategy with fairly limited applicability. Key Words: social science • mechanisms • explanation • critical (...) realism • methodology. (shrink)

The financial crisis that began in the US real-estate market in 2007 and culminated in a global economic slump showed bluntly how wrong financial risk models can be. This state of affairs has triggered a number of reactions and observations at the level of the specification and use of models and at a more conceptual/fundamental level. This article focuses on the epistemic features of such models – namely the nature, source, conditions of validity, structure and limits of the knowledge that (...) ‘well-specified’ models generate – so as to assess models in a balanced way, giving due weight to the fundamental determinants of their output and warning against overestimation of their possibilities; clarify the conditions under which models can be validly applied to economic and social relationships; render intelligible why the degree of accuracy that successful models would require is intrinsically unattainable; better understand models’ failure as evidenced by the crisis; and comment on the policy steps being undertaken to prevent similar financial crisis in the future. The analysis applies the principal tenets of critical realism to the daily preoccupations of risk management professionals and financial regulators alike. It is not intended as an intervention into critical realism. It draws on the works of Tony Lawson and Roy Bhaskar, and revisits relevant aspects of John Maynard Keynes’s work, connecting dots amongst them and marrying economic and philosophical analysis with day-to-day financial risk management and regulatory issues. Content Type Journal Article Category Article Pages 462-486 DOI 10.1558/jcr.v11i4.462 Authors Mattia L. Rattaggi, UBS/Cambridge Social Ontology Group Journal Journal of Critical Realism Online ISSN 1572-5138 Print ISSN 1476-7430 Journal Volume Volume 11 Journal Issue Volume 11, Number 4 / 2012. (shrink)

In recent years there have been an increasing number of contributions to economic methodology that develop or seek to reveal ontological positions. Despite this there is no agreement about either what ontology is or how it can contribute to economics. For some ontological theorising reveals the presuppositions of economists and its role is largely descriptive. Others see ontology as primarily engaged in setting out and defending a general account of some domain of reality and suggest that such a conception can (...) help us evaluate the appropriateness of the methods economists deploy. In this paper I clarify the scope and role of such theorising in economics by considering two projects with ontological orientations, namely critical realism in economics as developed by Tony Lawson and Nancy Cartwright’s work on the nature of economic theory. I argue that there are similarities between these two projects but also differences and show that these can be better understood once we recognise that each draws on a distinct conception of the legitimate scope of ontological theorising. I use Peirce’s writings on the nature of sustainable metaphysical analysis to clarify certain aspects of the approach to ontological theorising that Lawson favours. (shrink)