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Economics and Reality.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Economics and Reality./
Author:	Lawson, Tony.
Description:	1 online resource (389 pages)
Online resource:	Click to View
ISBN:	9780203195390

Economics and Reality.
Lawson, Tony.

Economics and Reality. - 1 online resource (389 pages)

Intro -- ECONOMICS AND REALITY -- Copyright -- CONTENTS -- Preface and acknowledgements -- Part I Science And Economics -- 1 ENDURING TENSIONS AS POINTS OF DEPARTURE -- Inconsistency At The Level Of Method -- Inconsistency At The Level Of Social Theory -- Inconsistency At The Level Of Methodology -- 2 REALISM, EXPLANATION AND SCIENCE -- Realism -- Deductivism -- Empirical Realism -- Transcendental Realism -- Science, Inference And Law-Statements -- Knowledge As A Produced Means Of Production -- 3 THE CASE FOR TRANSCENDENTAL REALISM -- Natural Science: Bhaskar's Inference From Experiments -- Social science: inference from human intentionality -- Ontology and the epistemic fallacy -- Towards a distinctive science of society and economy -- 4 THE LEGACY OF POSITIVISM -- The failure of economics at the level of results -- Confusion at the level of method -- Problems in social theory -- A contradictory orientation to methodology -- 5 THE NATURE OF THE ARGUMENT -- The case against normative methodology -- A question of science -- Realism and science -- Transcendental analysis -- Explaining experimental activity -- The possibility of economics as science -- Human intentional agency -- Limits and limitations -- 6 TOWARDS A RICHER ONTOLOGY -- A stratified reality -- Negativity, intentional causality, emergence and internalrelationality -- Part II PROBLEMS OF CONTEMPORARY ECONOMICS -- 7 ECONOMETRICS -- An absence of economic 'laws' -- The 'Lucas critique' -- Reactions to the 'Lucas critique' -- Systematic responses to generalised predictive failure -- Regularity stochasticism -- Extrinsic closure -- Intrinsic closure -- Aggregation -- Reinterpreting the 'Lucas critique' -- The fallacies of atomism and isolationism -- 8 ECONOMIC 'THEORY' -- Nominal features of the orthodox 'pure theory' project -- Changing features -- Explanatory failure.

No reality please. We're economists'. There is an increasingly widespread belief, both within and outside the discipline, that modern economics is irrelevant to the understanding of the real world. In Economics and Reality, Tony Lawson traces this irrelevance to the failure of economists to match their methods with their subject. Formal, mathematical models are shown to be quite unsuitable to the social realities economists purport to address. If these could be replaced by more appropriate methods, economics might overcome some of its current, self imposed limitations.; The book is divided into five parts: * Part One lays out the central argument of the book, explaining the reasons for modern economics shortcomings and outlining the realist alternative * Part Two examines the various ways in which mainstream economics is rooted in positivist philosophy and examines the problems this causes * Part Three focuses on human agency, social structure and their interaction * Part Four explores how the understanding of social phenomena offered in part three might be used to transform the nature of economic practice * Part Five concludes by showing how this newly transformed economics might set about shaping economic policy Although informed by philosophy, Economics and Reality is rooted throughout in the problems, practices and writings of economists. Exploring the current state, possibilities and limits of economics, the book will be of interest to all economists concerned with the current state of their discipline. Part 1: Science and Economics 1. Enduring Tensions as points of departure, 2. Realism, Explanation and Science, 3. The Case for Transcendental Realism, 4. The Legacy of Positivism, 5.

ISBN: 9780203195390Index Terms--Genre/Form:

554714
Electronic books.

Dewey Class. No.: 330

Economics and Reality.
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505 0 $a Intro -- ECONOMICS AND REALITY -- Copyright -- CONTENTS -- Preface and acknowledgements -- Part I Science And Economics -- 1 ENDURING TENSIONS AS POINTS OF DEPARTURE -- Inconsistency At The Level Of Method -- Inconsistency At The Level Of Social Theory -- Inconsistency At The Level Of Methodology -- 2 REALISM, EXPLANATION AND SCIENCE -- Realism -- Deductivism -- Empirical Realism -- Transcendental Realism -- Science, Inference And Law-Statements -- Knowledge As A Produced Means Of Production -- 3 THE CASE FOR TRANSCENDENTAL REALISM -- Natural Science: Bhaskar's Inference From Experiments -- Social science: inference from human intentionality -- Ontology and the epistemic fallacy -- Towards a distinctive science of society and economy -- 4 THE LEGACY OF POSITIVISM -- The failure of economics at the level of results -- Confusion at the level of method -- Problems in social theory -- A contradictory orientation to methodology -- 5 THE NATURE OF THE ARGUMENT -- The case against normative methodology -- A question of science -- Realism and science -- Transcendental analysis -- Explaining experimental activity -- The possibility of economics as science -- Human intentional agency -- Limits and limitations -- 6 TOWARDS A RICHER ONTOLOGY -- A stratified reality -- Negativity, intentional causality, emergence and internalrelationality -- Part II PROBLEMS OF CONTEMPORARY ECONOMICS -- 7 ECONOMETRICS -- An absence of economic 'laws' -- The 'Lucas critique' -- Reactions to the 'Lucas critique' -- Systematic responses to generalised predictive failure -- Regularity stochasticism -- Extrinsic closure -- Intrinsic closure -- Aggregation -- Reinterpreting the 'Lucas critique' -- The fallacies of atomism and isolationism -- 8 ECONOMIC 'THEORY' -- Nominal features of the orthodox 'pure theory' project -- Changing features -- Explanatory failure.
505 8 $a Economic 'theory' and deductivism -- Generalist claims and the question of determinacy -- A deductivist tradition -- Regularity determinism -- Intrinsic closure -- Extrinsic closure -- Reinterpreting the 'theory' project -- Solution concepts -- Economic 'theory' as deductivism -- Competing interpretations -- Potentials and actualities -- Prospects -- 9 ALTERNATIVES AND/OR PRELIMINARIES TO SUCCESSFUL EXPLANATION -- Theorising as an alternative to explanation -- Theory as one-sided understanding -- Menger's defence of 'theory' -- Theoretical science and exact laws -- Exact laws of theoretical economics -- The nature of Menger's argument -- Unanswered questions -- Menger's account of natural science -- Menger's inferences for social science -- Theorising as a preliminary to successful explanation -- The method of successive approximation -- The method of isolation -- 10 SUBJECTIVISM -- Hayek's theory of knowledge and natural science -- Hayek's theory of knowledge and social science -- Social structure -- Hayek's hermeneuticised social science -- Social 'wholes' -- Foundationalism and Hayek's hermeneuticism -- Hayek's atomism -- The material embeddedness and intransitivity of society -- 11 THE LIMITS OF CONTEMPORARY ECONOMICS -- Consequences of a misconception of science -- A typology of responses to failure -- Part III HUMAN AGENCY AND SOCIETY -- 12 SOCIETY AND ECONOMY AS REPRODUCED INTER-DEPENDENCIES -- Critical realism -- Abandoning social atomism -- The rouiinisation of social life -- The irreducibility of social structure -- Social rules -- Social relations and societal practices -- Systems and collectivities -- The agency structure relationship -- Social change -- The relationship of social rules to positions -- 13 A SKETCH OF THE ACTING SUBJECT -- Intentionality -- Irreducibility and the phenomenon of emergence -- Tacit knowledge.
505 8 $a Unconsciousness -- Sameness and continuity -- Stability in the face of uncertainty -- Individuality -- Economic rationality -- Situated rationality -- Part IV ECONOMIC EXPLANATION -- 14 BROAD OBJECTIVES AND POSSIBLE OBSTACLES -- Broad aims -- The centrality of human practice -- Intrinsic limits to social science -- 15 ECONOMIC SCIENCE WITHOUT EXPERIMENTATION -- The hermeneutic moment in science -- Experimental and non-experimental conditions contrasted -- Interpreting partial event regularities -- Explaining the preponderance of demi-regs -- Contrastive demi-regs -- Contrastive demi-regs and science -- The detection of interesting demi-regs -- Science and scientific interests -- Inconsistency, surprise and criticism -- Causal hypotheses -- Explanatory power -- Problems in discriminating between theories -- Responses to explanatory failure -- Assessing the reality of a hypothesised mechanism -- The requirements of orthodox economics -- Pure and applied explanation -- Economics as an empirical and abstract science -- The apparent failures of social research including economics -- 16 ABSTRACTION -- Abstraction and critical realism -- The vantage point -- The level of generality -- The scope or extension -- Abstraction and generalisation -- Abstraction and economic 'modelling' -- 17 ON TRUTH IN ECONOMICS -- The nature of truth -- Objectives truth -- Truth as an expressive-referential dual -- Criteria of truth -- Judgemental rationality -- Falsity and sheer error -- Truth and economic 'modelling' -- 18 ILLUSTRATION -- Path-dependence -- Functionalism and mainstream theory -- The economy as an open system -- Britain's relative productivity performance as a contrastive demi-reg -- The nature of the explanation -- Explaining the explanation -- Origins' of the explanation -- Tendencies towards 'lock-in'.
505 8 $a Social reproduction/transformation as an ex posteriori contrastive phenomenon -- Conditions for social reproduction -- Relative continuity as an ex posteriori production/achievement -- The explanation in broader perspective -- The partiality of all explanation -- Part V ECONOMIC POLICY AND FORECASTING -- 19 ECONOMIC POLICY AND INTENDED CHANGE -- Orthodoxy, economic policy and change -- Critical realism, economic policy and change -- Conditions of social emancipation -- 20 ECONOMIC SCIENCE AND PREDICTION -- The basic thesis -- Omissions -- Consequences -- The preoccupation with prediction -- Notes -- Bibliography -- Name Index -- Subject Index.
520 $a No reality please. We're economists'. There is an increasingly widespread belief, both within and outside the discipline, that modern economics is irrelevant to the understanding of the real world. In Economics and Reality, Tony Lawson traces this irrelevance to the failure of economists to match their methods with their subject. Formal, mathematical models are shown to be quite unsuitable to the social realities economists purport to address. If these could be replaced by more appropriate methods, economics might overcome some of its current, self imposed limitations.; The book is divided into five parts: * Part One lays out the central argument of the book, explaining the reasons for modern economics shortcomings and outlining the realist alternative * Part Two examines the various ways in which mainstream economics is rooted in positivist philosophy and examines the problems this causes * Part Three focuses on human agency, social structure and their interaction * Part Four explores how the understanding of social phenomena offered in part three might be used to transform the nature of economic practice * Part Five concludes by showing how this newly transformed economics might set about shaping economic policy Although informed by philosophy, Economics and Reality is rooted throughout in the problems, practices and writings of economists. Exploring the current state, possibilities and limits of economics, the book will be of interest to all economists concerned with the current state of their discipline. Part 1: Science and Economics 1. Enduring Tensions as points of departure, 2. Realism, Explanation and Science, 3. The Case for Transcendental Realism, 4. The Legacy of Positivism, 5.
588 $a Description based on publisher supplied metadata and other sources.
590 $a Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2022. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.
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