Critical realism in economics and open-systems ontology

A critique

Bibliographic Data

ID9257480
AuthorsAndrew Mearman (0000-0003-0601-8060, University of the West of England, corresponding author)
Year2006
Volume64
Issue1
Pages47-75
Publication date2006-03-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueReview of Social Economy (JOURNAL)
Journal identifiersISSN: 0034-6764 • E-ISSN: 1470-1162
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/00346760500529955
OpenAlexW2011932821
LanguageEN
Citations received14
References cited59

This paper examines the treatment of ontology offered by critical realism. It addresses much of the material elaborated upon in two editions of this journal. Three main groups of criticisms are made here 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 definition 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 programmes. Furthermore, the dualism of the definitions is also inconsistent with Dow's approach, which 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. The polarization of systems leads to polarized methodology and unsustainable arguments to reject so-called “closed-systems methods.”

Coherence (philosophical gambling strategy) · Critical realism (philosophy of perception) · Direct and indirect realism · Epistemology · Ontology · Openness to experience · Philosophical realism · Realism · Sociology · Economic Theory and Policy · Mathematics · Philosophy · Political and Economic history of UK and US · Political Economy and Marxism · Psychology · Social Psychology

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