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

Andrew Mearman ()

No 401, Working Papers from Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol

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.

Keywords: open systems; closed systems; Critical Realism; Post-Keynesianism; dualism (search for similar items in EconPapers)
Pages: 35 pages
Date: 2004-01
New Economics Papers: this item is included in nep-hpe and nep-pke
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Citations: View citations in EconPapers (1)

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http://carecon.org.uk/DPs/0401.pdf First version, 2004 (application/pdf)

Related works:
Journal Article: Critical realism in economics and open-systems ontology: A critique (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:uwe:wpaper:0401

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