Critical Realism in Economics: Development and Debate (Economics As Social Theory)

Drawing on the fields of economic methodology and economic theory, this title opens up new forms of investigation in economics and transforms the nature of economic reasoning. The work combines contributions from authors critical of this approach with those who are concerned to clarify its full implications for contemporary economics. This is a volume of reflection and learning by some of the leading authorities in the field of economic philosophy Critical Realism, With Its Focus On The Causal Structures Underlying Observable Phenomena, Is One Of The Most Significant Developments Of Recent Years In The Philosophy Of Social Science. This Volume Extends Its Insights Into The Fields Of Economic Methodology And Economic Theory In Such A Way As To Open Up New Forms Of Investigation In Economics And Transform The Nature Of Economic Reasoning. Critical Realism In Economics Is More Than Just An Eloquent Advocacy Of A New Way Of Seeing In Economic Methodology: It Also Includes Papers From Authors Critical Of This Approach, As Well As From Those Who Are Concerned To Elucidate Its Full Implications For Contemporary Economics. What Emerges Then From This Combination Of Exposition And Critical Exchange Is A Volume Of Reflection And Learning From The Pens Of Some Of The Leading Authorities In The Field Of Economic Philosophy. Critical Realism In Economics Will Make Fascinating Reading For Both Students And Exponents Of Economic Methodology, Economic Theory And Social Theory. Pt. I. Development. 1. Developments In Economics As Realist Social Theory / Tony Lawson. 2. The 'closure' Assumption As A First Step: Neo-ricardian Economics And Post-keynesianism / Stephen Pratten. 3. Realism, Theory And Individualism In The Work Of Carl Menger / Clive Lawson. 4. On Popper, Probabilities And Propensities / Jochen Runde. 5. Metaphor And Critical Realism / Paul Lewis. 6. Money Is A Social Relation / Geoffrey Ingham -- Pt. Ii. Debate. 7. Situating Critical Realism In Economics / Steve Fleetwood. 8. Critical Realism And Economics: A Causal Holist Critique / Thomas A. Boylan And Paschal F. O'gorman. 9. Why The 'transcendental' In Transcendental Realism? / Stephen D. Parsons. 10. Empirical Realism As Meta-method: Tony Lawson On Neoclassical Economics / D. Wade Hands. 11. Against Eurocentred Epistemologies: A Critique Of Science, Realism And Economics / Rajani Kanth. 12. Critical Issues In Economics As Realist Social Theory / Tony Lawson. Edoted By Steve Fleetwood. A Selection Of Articles Previously Published In The Review Of Social Economy (1996) And In Ekonomia (1997), With An Introduction By The Editor. Includes Bibliographical References And Indexes. Book Cover......Page 1 Title......Page 4 Contents......Page 5 Notes on contributors......Page 10 Preface......Page 13 Development......Page 16 Developments in economics as realist social theory......Page 18 The 'closure' assumption as a first step: neo-Ricardian economics and post-Keynesianism......Page 36 Realism, theory and individualism in the work of Carl Menger......Page 58 On Popper, probabilities and propensities......Page 78 Metaphor and critical realism......Page 98 Money is a social relation......Page 118 Debate......Page 140 Situating critical realism in economics......Page 142 Critical realism and economics: a causal holist critique......Page 152 Why the 'transcendental' in transcendental realism?......Page 166 Empirical realism as meta-method: Tony Lawson on neoclassical economics......Page 184 Against Eurocentred epistemologies: a critique of science, realism and economics......Page 202 Critical issues in economics as realist social theory......Page 224 Name index......Page 274 Subject index......Page 280 Economics, Finance, Business and Industry Book Cover 1 Title 4 Contents 5 Notes on contributors 10 Preface 13 Development 16 Developments in economics as realist social theory 18 The 'closure' assumption as a first step: neo-Ricardian economics and post-Keynesianism 36 Realism, theory and individualism in the work of Carl Menger 58 On Popper, probabilities and propensities 78 Metaphor and critical realism 98 Money is a social relation 118 Debate 140 Situating critical realism in economics 142 Critical realism and economics: a causal holist critique 152 Why the 'transcendental' in transcendental realism? 166 Empirical realism as meta-method: Tony Lawson on neoclassical economics 184 Against Eurocentred epistemologies: a critique of science, realism and economics 202 Critical issues in economics as realist social theory 224 Name index 274 Subject index 280 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. Social theory explicitly committed to elaborating the nature of social being and/or how we access social reality is experiencing something of a revival in economics.