Optimization is about finding the best available object with respect to an objective function. Mathematics and quantitative sciences have been highly successful in formulating problems as optimization problems, and constructing clever processes that find optimal objects from sets of objects. As computers have become readily available to most people, optimization and optimized processes play a very broad role in societies. It is not obvious, however, that the optimization processes that work for mathematics and abstract objects should be readily applied to (...) complex and open social systems. In this paper we set forth a framework to understand when optimization is limited, particularly for complex and open social systems. (shrink)

This article illustrates Sheila Dow's notion of ‘structured pluralism’ drawing on a recent empirical body of literature in which multiple research, or ‘Q-Squared’, approaches to causal analysis of poverty analysis have been used in the Global South. It maintains that understanding linguistic differences between schools of thought is quite integral to methodologically-aware critique and to improved methodological practice. The various strands in the Q2 literature together provide a case for methodological pluralism based on claims that knowledge is partial, empirical adjudication (...) is imperfect, the world is complex and combining multiple research approaches adds value. The goals of understanding and explanation are best served if research questions dictate choice of methodological approach rather than the other way around. (shrink)

In the following review essay I explore the limitations of effective and constructive critique of Tony Lawson’s realism in economics as articulated in Ontology and Economics. In the first section I summarize the different framing procedures that shape the different critiques. In the second section I illustrate the limitations this creates using Caldwell’s contribution and in the third section I explore the way Lawson is conditioned to respond in terms of contestation, clarification and restatement. In the fourth section I add (...) some additional detail based on Samuelson’s approach to modelling in order to illustrate what is at issue between Caldwell and Lawson and to emphasize what this suggests in terms of a common pattern across the contributions to the text. In the fifth section and in the conclusion I link the limitations of the various critiques found in Ontology and Economics to a basic issue of the vulnerability of realism to critique in order to make some suggestions regarding constructive critique and development for realism in economics. (shrink)

The critical realist conception of open and closed systems is not about systems: it is about regularities in the flux of events and states of affairs. It has recently been criticised on the grounds that critical realists should take on board ideas about the general nature of systems; recognise that genuinely open social systems would be impossible; avoid polarities or dualisms where either there are event regularities and open systems, or there are no event regularities and closed systems and accept (...) partial regularities and partially open systems; and understand that orthodox economics is not based upon event regularities, laws or Humean empiricism. The objective of this paper is to ‘take stock’ of these recent criticisms. (shrink)

The renowned institutionalist Geoffrey Hodgson has claimed inter alia that heterodox economics has failed to define its nature and scope, does not take pluralism seriously, and lacks expertise concentration to ensure quality which means it has made limited progress and is held in variable esteem. To address these alleged problems, Hodgson proposes four alternative strategies: the creation of heterodox economics academic departments; for heterodox economists to enter non-economics academic departments; for heterodox economists to 'organise' around a successful approach with future (...) potential; or, to encourage the study of economic institutions by other social science disciplines or by using prominent mainstream techniques and approaches. A response to these criticisms and proposed strategies is warranted for several reasons. These criticisms are not trivial and, as an assemblage the import is much greater than a singular criticism. Hodgson is very influential within the economics discipline and he reiterates, in part, past criticisms from the mainstream as well as presenting his criticisms to a wide range of audiences. These criticisms intersect with longstanding debates within heterodox economics about the role of pluralism, the definition and project of heterodox economics, its relationship to the changing form of mainstream, and the merit of synthesis or convergence of different heterodox schools of economic thought. The suitability of mainstream measures to judge heterodox economics, and the relationship of ideology and economic theory, are also raised by these criticisms as well as the feasibility of proposed strategies to support heterodox economics within the academy. It is argued that several fallacious claims lead Hodgson to misconstrue the nature and evolution of heterodox economics, and inherent flaws in each of his proposed alternative strategies will further marginalise – not advance – the project of heterodox economics. (shrink)

Tony Lawson, founder of The Social Ontology Group and The Realist Workshop of Cambridge, has proposed critical realism to reorient economics. The transformation of the social world that Lawson tries, emerges from the adherence to critical realism, this is, from taking the transcendental realism of Roy Bhaskar to the social realm. With the purpose of deepening the criticisms to this movement, we will specify what is critical realism, and which are the philosophical assumptions of the mainstream according to this author. (...) We will set out the criticisms on: a) the notion of mainstream economics, b) the possibilities of economics based on social ontology, c) the realism of economic models, and d) the notions of isolation and abstraction. (shrink)