Critical Realism in Economics and Open-Systems Ontology: A Critique
AbstractThis paper examines the treatment of ontology offered by Critical Realism. Three main criticisms are made of the Critical Realist treatment of open systems. It is argued that Critical Realism, particularly in the project in economics emanating from Cambridge, UK, tends to define systems in terms of events. This is shown to be problematic. The exemplar of a closed system provided by Critical Realism of the solar system is shown to be flawed in that it is not closed according to the closure conditions identified by Critical Realism. Second, the negativity of the definitions adopted is problematic for heterodox traditions attempting to build positive programs. The dualism of the definitions is also inconsistent with Dow’s approach. This has ramifications for the coherence of Post Keynesianism. Third, the definitions tend to polarize open and closed systems and ignore the degrees of openness evident in reality. This polarization of systems leads to polarized methodology and unsustainable arguments to reject so-called closed-systems methods.
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Bibliographic InfoPaper provided by Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol in its series Working Papers with number 0401.
Length: 35 pages
Date of creation: Jan 2004
Date of revision:
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More information through EDIRC
open systems; closed systems; Critical Realism; Post-Keynesianism; dualism;
Other versions of this item:
- Andrew Mearman, 2006. "Critical realism in economics and open-systems ontology: A critique," Review of Social Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 64(1), pages 47-75.
- NEP-ALL-2005-04-03 (All new papers)
- NEP-HPE-2005-04-03 (History & Philosophy of Economics)
- NEP-PKE-2005-04-03 (Post Keynesian Economics)
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