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How to Be Critical and Realist about Economics

Author

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  • Kuorikoski, Jaakko
  • Ylikoski, Petri

    (University of Helsinki)

Abstract

In this paper we argue that, despite its influence, critical realism is not the most promising version of scientific realism for economics. The main problem with critical realism is its hermetic insulation from the mainstream of the philosophy of science. We argue that this intellectual isolation is unfortunate, as it has meant that critical realism has missed many opportunities to develop its central concepts, such as causal mechanism, emergence, and explanation. At the same time, we argue, critical realists have missed some crucial aspects of the intellectual strategy of modern economics. Our point is not to defend mainstream economics, rather it is to show that a better understanding of modeling as a scientific research strategy opens up the possibility of a more penetrating analysis of its possible shortcomings.

Suggested Citation

  • Kuorikoski, Jaakko & Ylikoski, Petri, 2017. "How to Be Critical and Realist about Economics," SocArXiv swynz, Center for Open Science.
    • Handle: RePEc:osf:socarx:swynz
    DOI: 10.31219/osf.io/swynz
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    References listed on IDEAS

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    1. Joshua D. Angrist & Jörn-Steffen Pischke, 2009. "Mostly Harmless Econometrics: An Empiricist's Companion," Economics Books, Princeton University Press, edition 1, number 8769.
    2. D Wade Hands, 1997. "Empirical Realism as Meta-Method: Tony Lawson on Neoclassical Economics," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 1(2), pages 39-53, Winter.
    3. Caterina Marchionni, 2006. "Contrastive explanation and unrealistic models: The case of the new economic geography," Journal of Economic Methodology, Taylor & Francis Journals, vol. 13(4), pages 425-446.
    4. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
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