Recent developments in themethodology of economics have drawn uponpragmatist and realist philosophies of socialscience. These recent developments areoutlined. It is argued that a specific variantof realist philosophy known as critical realismcan provide the basis for a prescriptiveeconomic methodology that is not susceptible topragmatist criticisms.

Tony Lawson, founder of The Social Ontology Group and The Realist Workshop of Cambridge, has proposed critical realism to reorient economics. The transformation of the social world that Lawson tries, emerges from the adherence to critical realism, this is, from taking the transcendental realism of Roy Bhaskar to the social realm. With the purpose of deepening the criticisms to this movement, we will specify what is critical realism, and which are the philosophical assumptions of the mainstream according to this author. (...) We will set out the criticisms on: a) the notion of mainstream economics, b) the possibilities of economics based on social ontology, c) the realism of economic models, and d) the notions of isolation and abstraction. (shrink)