As microeconomic calculus and macroeconomic estimation superseded earlier approaches to political economy, broad questions about how things are (ontology), how things might be known (epistemology), and how science should proceed (methodology) were neglected. As a corrective, Critical Realism (CR) has been proposed as an alternative to the orthodox deductive‐nomological (ODN) tradition; i.e., to mathematical deduction and statistical induction. In their place, retroduction—the use of analogy, metaphor, intuition and ordinary language—is supposed to illuminate root causes by identifying the deep mechanisms that (...) govern events. CR offers guidelines for social science that are of a most general kind: from initial “premises,” retroduction proceeds to hypotheses about deep structures and mechanisms. The initial premises are determined by a desire to understand events that surprise us. However, nothing is thereby excluded, including ODN. And since historical processes are revealed neither by assumption nor by the net effects of whatever initial conditions hold, it might be apposite to drop the search for (deep) socio‐economic laws and to use whatever evidence is at hand to see whether, and the extent to which, ideal types apply to any given historical sequence. (shrink)

There is a growing perception among economists that their field is becoming increasingly irrelevant due to its disregard for reality. Critical realism addresses the failure of mainstream economics to explain economic reality and proposes an alternative approach. This book debates the relative strengths and weaknesses of critical realism, in the hopes of developing a more fruitful and relevant socio-economic ontology and methodology. With contributions from some of the leading authorities in economic philosophy, it includes the work of theorists critical of (...) this approach. In the first part, contributors develop and deepen economics as a realist social theory by considering the work of individuals, various schools of thought, socio- economic phenomena and methodology. In the second part, contributors weigh the strengths and weaknesses of critical realism. (shrink)

There is an increasingly widespread belief, both within and outside the discipline, that modern economics is irrelevant to the understanding of the real world. Economics and Reality traces this irrelevance to the failure of economists to match their methods with their subject, showing that formal, mathematical models are unsuitable to the social realities economists purport to address. Tony Lawson examines the various ways in which mainstream economics is rooted in positivist philosophy and examines the problems this causes. It focuses on (...) human agency, social structure and their interaction and explores how the understanding of this social phenomena can be used to transform the nature of economic practice. Economics and Reality concludes by showing how this newly transformed economics might set about shaping economic policy. (shrink)

La autora presenta algunas criticas generales al proyecto de reducir las leyes causales a probabilidades. Además, muestra que las leyes causales son imprescindibles para poder diferenciar las strategias efectivas de las que no lo son y da un criterio para considerar cuando podemos deducir causalidad a través de datos estadísticos.

With a new foreword by Paul Kelly 'I regard Hayek's work as a new opening of the most fundamental debate in the field of political philosophy' - Sir Karl Popper 'This promises to be the crowning work of a scholar who has devoted a lifetime to thinking about society and its values. The entire work must surely amount to an immense contribution to social and legal philosophy' - Philosophical Studies Law, Legislation and Liberty is Hayek's major statement of political philosophy (...) and one of the most ambitious yet subtle defences of a free market society ever written. A robust defence of individual liberty, it is also crucial for understanding Hayek's influential views concerning the role of the state: far from being an innocent bystander, he argues that the state has an important role to play in defending the norms and practices of an ordered and free society. His arguments had a profound influence on the policies of Thatcher in the 1980s and resonate today in visions of the 'Big Society'. First published in three separate volumes, this Routledge Classics edition makes one of his most important books available in a single volume. Essential reading for understanding the background to the recent world economic turmoil and financial crisis, it also foreshadows the subsequent heated debate about regulation and political governance if such disasters are to be avoided in the future. (shrink)

First published in 1982. Routledge is an imprint of Taylor & Francis, an informa company.

Paul Davidson's critique of O'Driscoll and Rizzo is based on an “official” philosophical position that turns on an opposition between knowledge and ignorance and a corresponding opposition between ergodic and nonergodic processes. But Davidson's substantive analysis reveals a very different “unofficial” position, based on “sensible expectations” and a realist ontology of enduring social structures. While O'Driscoll and Rizzo have the edge on Davidson in terms of their characterization of agents’ beliefs, their ontology of event regularities is ultimately the same, and (...) suffers from the same drawbacks, as Davidson's official ontology. The solution to some of these problems may lie in adopting an ontology similar to the one Davidson invokes in his unofficial capacity. (shrink)

This eagerly anticipated new book from Tony Lawson contends that economics can profit from a more explicit concern with ontology than has been its custom. By admitting that economics is not exactly a picture of health at the moment, Lawson hopes that we can move away from the bafflingly intransigent belief that economics is at its core reliant upon mathematical modelling. This maths-envy is the reason why economics is in a state of such disarray. Far from being a polemic against (...) the mainstream, this excellent new book is concerned that if economics is to be saved from itself then there must be a realistic dialogue between the classical heterodox fields. Of interest to philosophers, sociologists and social scientists as well as economists, this comprehensive, logical book is a vital contribution to an important debate. (shrink)

Leading authors within economics have come together here to discuss the contribution of critical realism to economics. A wide range of opinions are offered from Ben Fine to Clive Grainger and the results are explosive.

This book will be of great interest to students and researchers alike across the social sciences and particularly in philosophy, economics and sociology.