First, I answer the controversial question ’What is scientific realism?’ with extensive reference to the varied accounts of the position in the literature. Second, I provide an overview of the key developments in the debate concerning scientific realism over the past decade. Third, I provide a summary of the other contributions to this special issue.

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)

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)

USKALI MÄKI (Helsinki, 1951) is a philosopher of science and a social scientist, and one of the forerunners of the strong wave of research on the philosophy and methodology of economics that has been expanding during the last three decades. His research interests and academic contributions cover many topics in the philosophy of economics, such as realism and realisticness, idealisation, scientific modelling, causation, explanation, rhetoric, the sociology and economics of economics, and the foundations of new institutional and Austrian economics. He (...) is a coeditor of The handbook of economic methodology (1998); Economics and methodology: crossing boundaries (1998); Rationality, institutions and economic methodology (1993). And the editor of two compilations of essays that have become highly influential to the shaping of the field: The economic world view: studies in the ontology of economics (2001), and Fact and fiction in economics: realism, models, and social construction (2002). (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)

Francesco Guala has written an important book proposing a new account of social institutions and criticizing existing ones. We focus on Guala’s critique of collective acceptance theories of institutions, widely discussed in the literature of collective intentionality. Guala argues that at least some of the collective acceptance theories commit their proponents to antinaturalist methodology of social science. What is at stake here is what kind of philosophizing is relevant for the social sciences. We argue that a Searlean version of collective (...) acceptance theory can be defended against Guala’s critique and question the sufficiency of Guala’s account of the ontology of the social world. (shrink)

This paper reviews how research on the demarcation problem has developed, starting from Popper’s criterion of falsifiability and ending with recent naturalistically oriented approaches. The main differences between traditional and contemporary approaches to the problem are explicated in terms of six postulates called the traditional assumptions. It is argued that all of the assumptions can be dismissed without giving up on the demarcation problem and that doing so might benefit further discussions on pseudoscience. Four present-day research movements on evaluating the (...) boundaries of science are introduced: (1) philosophy of pseudoscience, (2) social epistemology of dissent, (3) agnotology, and (4) evaluation of expertise. Researchers working within these areas have abandoned some or all traditional assumptions. (shrink)

My philosophical intuitions are those of a scientific realist. In addition to being realist in its philosophical outlook, my philosophy of economics also aspires to be realistic in the sense of being descriptively adequate, or at least normatively non-utopian, about economics as a scientific discipline. The special challenge my philosophy of economics must meet is to provide a scientific realist account that is realistic of a discipline that deals with a complex subject matter and operates with highly unrealistic models. Unrealisticness (...) in economic models must not constitute an obstacle to realism about those models. What follows is a selective and somewhat abstract summary of my thinking about economics, outlined from two perspectives: first historical and autobiographical, then systematic and comparative. The first angle helps understand motives and trajectories of ideas against their backgrounds in intellectual history. My story turns out to have both unique and generalizable aspects. The second approach outlines some of the key concepts and arguments as well as their interrelations in my philosophy of economics, with occasional comparisons to other views. More space will be devoted to this second perspective than to the first. (shrink)

In this contribution, I comment on Raffaella Campaner’s defense of explanatory pluralism in psychiatry (in this volume). In her paper, Campaner focuses primarily on explanatory pluralism in contrast to explanatory reductionism. Furthermore, she distinguishes between pluralists who consider pluralism to be a temporary state on the one hand and pluralists who consider it to be a persisting state on the other hand. I suggest that it would be helpful to distinguish more than those two versions of pluralism – different understandings (...) of explanatory pluralism both within philosophy of science and psychiatry – namely moderate/temporary pluralism, anything goes pluralism, isolationist pluralism, integrative pluralism and interactive pluralism. Next, I discuss the pros and cons of these different understandings of explanatory pluralism. Finally, I raise the question of how to implement or operationalize explanatory pluralism in scientific practice; how to structure the “genuine dialogue” or shape “the pluralistic attitude” Campaner is referring to. As tentative answers, I explore a question-based framework for explanatory pluralism as well as social-epistemological procedures for interaction among competing approaches and explanations. (shrink)

Yleensä Wienin piirin loogista empirismiä kannattaneet filosofit mielletään antirealisteiksi. Tässä artikkelissa kuitenkin argumentoidaan, että piirin johtohahmo Moritz Schlick oli eräänlainen realisti myös nykystandardien valossa. Näin ollen – niin yllättävältä kuin se kuulostaakin – positivismi ja realismi ovat yhteensovitettavissa. Schlick tosin erotti kannattamansa empiirisen realismin jyrkästi metafyysisestä realismista, jota hän piti merkityksettömänä. Schlickin realismin esittelyn lisäksi artikkelissa tarkastellaan yleisellä tasolla hänen epistemologiaansa, kielifilosofiaansa ja metafysiikan kritiikkiään. Tekstissä pohditaan myös Schlickin suosiman realismin asemaa ja relevanssia nykyisessä realismikeskustelussa.

Economists customarily talk about the ‘realism’ of economic models and of their assumptions and make descriptive and prescriptive judgements about them: this model has more realism in it than that, the realism of assumptions does not matter, and so on. This is not the way philosophers mostly use the term ‘realism’ thus there is a major terminological discontinuity between the two disciplines. The following remarks organise and critically elaborate some of the philosophical usages of the term and show some of (...) the ways in which they relate to economists’ concerns. In the philosophy of science, scientific realism is the mainstream position – or rather a heterogeneous collection of positions - that includes ideas about the nature of scientific theories and how they are related to the real world and about the goals and achievements of scientific inquiry. However, most of what philosophers have contributed around these ideas is not designed to deal with the peculiarities of economics, thus some important adjustments are needed to make scientific realism an interesting position for economists. (shrink)