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Critical Realism in Economics and Open-Systems Ontology: A Critique

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  • Andrew Mearman

    ()
    (School of Economics, University of the West of England)

Abstract

This 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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File URL: http://carecon.org.uk/DPs/0401.pdf
File Function: First version, 2004
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Bibliographic Info

Paper 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.

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Length: 35 pages
Date of creation: Jan 2004
Date of revision:
Handle: RePEc:uwe:wpaper:0401

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Keywords: open systems; closed systems; Critical Realism; Post-Keynesianism; dualism;

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  1. Tony Lawson, 1997. "Critical Issues in Economics as Realist Social Theory," Ekonomia, Cyprus Economic Society and University of Cyprus, Cyprus Economic Society and University of Cyprus, vol. 1(2), pages 75-117, Winter.
  2. Lawson, Tony, 1995. "The 'Lucas Critique': A Generalisation," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 19(2), pages 257-76, April.
  3. Alex Viskovatoff, 1998. "Is Gerard Debreu a Deductivist? Commentary on Tony Lawson's Economics and Reality," Review of Social Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 56(3), pages 335-346.
  4. Tony Lawson, 1994. "The Nature of Post Keynesianism and Its Links to Other Traditions: A Realist Perspective," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 16(4), pages 503-538, July.
  5. Tony Lawson, 1997. "Situated rationality," Journal of Economic Methodology, Taylor & Francis Journals, Taylor & Francis Journals, vol. 4(1), pages 101-125.
  6. Lawson, Tony, 1989. "Realism and Instrumentalism in the Development of Econometrics," Oxford Economic Papers, Oxford University Press, vol. 41(1), pages 236-58, January.
  7. Stephen P. Dunn, 2000. "Wither Post Keynesianism?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 22(3), pages 343-364, April.
  8. T. Lawson., 2006. "A Realist Perspective on Contemporary "Economic Theory"," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
  9. Lawson, Tony, 1989. "Abstraction, Tendencies and Stylised Facts: A Realist Approach to Economic Analysis," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 13(1), pages 59-78, March.
  10. Hahn, F H, 1989. "Kaldor on Growth," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 13(1), pages 47-57, March.
  11. Sheila Dow, 2004. "Reorienting Economics: Some epistemological issues," Journal of Economic Methodology, Taylor & Francis Journals, Taylor & Francis Journals, vol. 11(3), pages 307-312.
  12. Paul Downward & Andrew Mearman, 2002. "Critical Realism and Econometrics: Constructive Dialogue with Post Keynesian Economics," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 53(4), pages 391-415, November.
  13. Andrew Brown & Gary Slater & David A. Spencer, 2002. "Driven to abstraction? Critical realism and the search for the 'inner connection' of social phenomena," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 26(6), pages 773-788, November.
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Cited by:
  1. Eduardo Strachman & José Ricardo Fucidji, 2012. "The Current Financial And Economic Crisis: Empirical And Methodological Issues," Journal of Advanced Studies in Finance, ASERS Publishing, ASERS Publishing, vol. 0(1), pages 95-123, June.
  2. Duo Qin, 2014. "Inextricability of Autonomy and Confluence in Econometrics," Working Papers, Department of Economics, SOAS, University of London, UK 189, Department of Economics, SOAS, University of London, UK.
  3. Jussi Ahokas, 2011. "A comprehensive view of regional economic development in Finland," ERSA conference papers ersa10p469, European Regional Science Association.

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