How to Be Critical and Realist about Economics

Jaakko Kuorikoski and Petri Ylikoski
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Petri Ylikoski: University of Helsinki

No swynz, SocArXiv from Center for Open Science

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.

Date: 2017-07-16
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:swynz

DOI: 10.31219/osf.io/swynz

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