Reappraisal of the Relationship Between Assumptions and Realities in Economics

A Perspective from the Social Science of Practice

Bibliographic Data

ID19217243
AuthorsLiuyang Zhao (0000-0001-6460-7985, Fudan University), Luman Wang (0000-0003-0121-349X, ShanghaiTech University, corresponding author)
Year2026
Publication date2026-05-12
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueModern China (JOURNAL)
Journal identifiersISSN: 0097-7004 • E-ISSN: 1552-6836
PublisherSAGE Publishing (PUBLISHER • US)
DOI10.1177/00977004261433868
OpenAlexW7160995842
LanguageEN
References cited10

Heavily influenced by Western scientism, the economics profession strives to emulate classical physics in its search for universal laws that govern the complex world. However, the indeterminacy of the economic world means that economics cannot replicate classical physics, leaving mainstream economics perpetually entangled in a paradoxical relationship between theoretical assumptions and empirical realities, as it continually seeks universalization. In contrast, the social science of practice approach does not use assumption-driven frameworks to construct universal laws. Instead, it abstracts the real logic of actors’ behavior from practice, understood as the dualistic interaction between subjective and objective elements. This approach not only constitutes a powerful critique of formalist epistemology but also offers important insights into how to build a social science grounded in Chinese subjectivity

Construct (python library) · Empirical research · Indeterminacy (philosophy) · Mainstream · Mainstream economics · Perspective (graphical) · Contemporary Sociological Theory and Practice · Critical Realism in Sociology · Economic Theory and Institutions

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