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Critical Realism and the Ontological Turn. A Rejoinder to Lewis

Steele, Gerald (2011) Critical Realism and the Ontological Turn. A Rejoinder to Lewis. Critical Review: An Interdisciplinary Journal of Politics and Society, 23 (1-2). pp. 231-235. ISSN 0891-3811

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Abstract

I agree with Paul Lewis that mathematics has a valuable but not all-encompassing role in economics, that event regularities must be supplemented with a persuasive narrative, and that inferences can inform our understanding of economic behavior. However, Lewis's full-throated defense of critical realism does little to allay my original concerns. It is absurd to maintain, as critical realists do, that mainstream economics has nothing valuable to offer heterodox economists, as their critique of the quantity theory of money tries to demonstrate. More crucially, critical realists—unlike Austrian economists—neglect to provide an epistemological explanation of economic actors’ perceptions, which is necessary if we are to bridge critical realism's own division of the social world into the “actual,” “empirical,” and “non-actual real.”

Item Type: Article
Journal or Publication Title: Critical Review: An Interdisciplinary Journal of Politics and Society
Subjects: H Social Sciences > HB Economic Theory
Departments: Lancaster University Management School > Economics
ID Code: 55017
Deposited By: ep_importer_pure
Deposited On: 13 Jun 2012 09:48
Refereed?: Yes
Published?: Published
Last Modified: 09 Apr 2014 23:38
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/55017

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