No realist project in and about economics is close to completion. There are many open issues that remain to be addressed and resolved. Simon Deichsel (2011) has written a healthy challenge that should offer some useful inspiration to anyone interested in assessing and perhaps contributing to the realist projects. He argues against realism and in support of some sort of anti-realism. My response first deals with some conceptual issues regarding the very ideas of realism and anti-realism. I will then discuss (...) the role of pragmatics in relation to truth. Finally, I will address the issue of justifying realism — Deichsel’s title, after all, suggests his challenge is directed against what he calls the pragmatic justification of realism. My remarks are both brief and selective. (shrink)

Some arguments against the assumption that ordinary people may share common knowledge are sound. The apparent cost of such arguments is the rejection of scientific theories that appeal to common knowledge. My proposal is to accept the arguments without rejecting the theories. On my proposal, common knowledge is shared by ideally rational people, who are not just mathematically simple versions of ordinary people. They are qualitatively different from us, and theorizing about them does not lead to predictions about our behavior. (...) Nevertheless, models of action that assume common knowledge have a role to play in our understanding of collective rationality. (shrink)

Despite the conclusions from the contemporary philosophy of science, many economists cherish the ideal of positive science. Therefore, value-free economics is still the central paradigm in economics. The first aim of the paper is to investigate economics' axiomatic assumptions from an epistemological perspective. The critical analysis of the literature shows that the positive-normative dichotomy is exaggerated. Moreover, value-free economics is based on normative foundations that have a negative impact on individuals and society. The paper's second aim is to show that (...) economics' normativity is not a problem because the discussion concerning values is possible and unavoidable. In this context, Weber and other methodologists are investigated. The conclusion of the paper is that science can thrive without strict methodological rules thanks to institutional mechanisms. Therefore, economists could learn from artists who accept the world without absolute rules. This perspective opens the possibility for methodological pluralism and normative approaches. (shrink)

The suggestions outlined here include the following. Money is a bundle of institutionally sustained causal powers. Money is an institutional universal instantiated in generic currencies and particular money tokens. John Searle’s account of institutional facts is not helpful for understanding the nature of money as an institution (while it may help to illuminate aspects of the nature of currencies and money particulars). The money universal is not a social convention in David Lewis’s sense (while currencies and money particulars are characterized (...) by high degrees of conventionality). The existence of the money universal is dependent on a larger institutional structure and cannot be understood in terms of collective belief or acceptance or agreement separately focusing on money. These claims have important implications for realism about money. (shrink)

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.

Even though Popper, Lawson and Mäki are realists, the three of them understand by realism something different and support different positions on the use of models in economics. In this article we will compare the three proposals on their conceptions of reality, the function and the nature of economic models and their use to study the social world.

This paper tries to deepen the notion of isolation in Tony Lawson´s Critical Realism and its relation with his position on the use of mainstream economic models to access the social world. I distinguish the notion of isolation and abstraction in this author. I show that the consideration of the complexity of social reality is related to his position on the role of isolation to reach it. Lawson´s social ontology is central to establish what the role is that isolation performs (...) in the knowledge of the social realm. There is, in this author, a pre-eminence of the ontological over the theoretical. How the world is determines the methodological possibilities to know it. (shrink)

The paper aims to address the following two questions: what kind of discourse is that which attempt to found or defend the autonomy or the boundaries of a discipline? Why do such discourses tend to turn into normative, dogmatic-excommunicating discourses between disciplines, schools or scholars? I will argue that an adequate answer may be found if we conceive disciplines as dogmatics, where such discourses often take the form of a discourse on the foundation of a discipline, a foundation in the (...) name of which the scholar speaks and with which he/she entertains an identity relationship. To this purpose I will re-examine the methodological discourses of (and debates between) Pareto, Croce and Einaudi on the demarcation issue between philosophy, economics and value-judgments as highly instructive to understand such issues. (shrink)

The new economic sociology claims to have adopted the notion of performativity from J.L Austin, has put it in new uses, and has given it new meanings. This is now spreading and has created another vogue term in the social and human sciences. The term is taken to cover all sorts of aspects in the ways in which the use of social scientific theories have consequences for the social world. The paper argues that the expansive use of 'performativity' obscures the (...) Austinian idea and thereby impoverishes the conceptual resources available for analyzing the nuances in the complex theory/world connections. Importantly, it blurs the difference between constitutive and causal relationships, both of which actually are involved. Instead of economics performs the economy as the sociologists say, it would make more sense to say, the economy performs economics – but even this would be undermotivated. (shrink)

Claims that science may become 'self-fulfilling' through its impact on objects of study have recently risen to prominence. Despite radical statements about the supposed consequences of such accounts, however, the central notion of scientific self-fulfillment has remained obscure, leading to skewed views of its actual prevalence and significance. -/- Self-Fulfilling Science illuminates this underexplored phenomenon, drawing on insights from philosophy of science to address questions of its conceptualization, prevalence, and significance. The book critically engages with the popular notion that economic (...) theories of homo economicus exhibit self-fulfillment, and explores its relevance to various metaphysical, ethical, and epistemic issues. Extreme claims of fundamental incompatibility with our usual notions of scientific success are ill-founded. Instead, self-fulfillment’s true epistemic significance lies in more local, nuanced philosophical issues such as theory evaluation and the thesis of underdetermination. -/- In presenting a novel framework, this book facilitates deeper engagement with the developing field of self-fulfilling science and is of interest to philosophers of science, social scientists, and social constructionists. (shrink)

Criticism directed at neoclassical economics has failed to replace it with a similar grand theory. The author argues that one possible explanation may lie in the failure of economists to formulate an opinion as to the philosophical foundations of the author’s object of study. The paper aims to discuss this issue. The argument proceeds in two steps. First, the authors review the prevailing philosophical view of “the self-interest theory (S)”, which is one of the most powerful constituents of today’s economics, (...) and social theorizing in general. Second, the authors present a reasoning framework in which rationality becomes intelligible within a schema of integrating the self’s external and internal conditionalities into a unified view of human reasoning. (shrink)

The aim of this article is to question the epistemic presuppositions of applying behavioural science in public policymaking. Philosophers of science who have examined the recent applications of the behavioural sciences to policy have contributed to discussions on causation, evidence, and randomised controlled trials. These have focused on epistemological and methodological questions about the reliability of scientific evidence and the conditions under which we can predict that a policy informed by behavioural research will achieve the policymakers’ goals. This paper argues (...) that the philosophical work of Helen Longino can also help us to have a better and fuller understanding of the knowledge which the behavioural sciences provide. The paper advances an analysis of the knowledge claims that are made in the context of policy applications of behavioural science and compares them with the behavioural research on which they are based. This allows us to show that behavioural policy and the debates accompanying it are based on an oversimplified understanding of what knowledge behavioural science actually provides. Recognising this problem is important as arguments that justify reliance on the behavioural sciences in policy typically presume this simplification. (shrink)