Ontology is one of today’s buzzwords. It is back in fashion in analytical philosophy and Artificial Intelligence, and major projects and research centres get funding around the world (cf. e.g. the Buffalo Centre for Ontological Research, the Laboratory for Ontology in Turin, the Institute for Formal Ontology and Medical Information Science in Saarland). In the philosophy of science ontology has arguably always been a key area of research, under the guise of ‘The foundations of __’ (physics, (...) biology, chemistry, etc.). Economics however is an exception. Because of economics’ hybrid status, philosophers’ interest in its foundations has traditionally focused on normative issues – typically the theory of rationality that lies at the core of the neoclassical paradigm. What is relatively new, then, 1 is the current growth of interest for the metaphysics of economics as a descriptive scientific discipline (see e.g. Mäki, ed. 2001). (shrink)

A review of U. Mäki (ed.). Fact and Fiction in Economics, Cambridge: Cambridge University Press, 2003. pp. xvi 384. ISBN 0521 00957. As people interested mainly in theory, methodologists and philos...

The beliefs of economists are not solely determined by empirical evidence in direct relation to the theories and models they hold. Economists hold 'ontological presuppositions', fundamental ideas about the nature of being which direct their thinking about economic behaviour. In this volume, leading philosophers and economists examine these hidden presuppositions, searching for a 'world view' of economics. What properties are attributed to human individuals in economic theories, and which are excluded? Does economic man exist? Do markets have an essence? (...) Do macroeconomic aggregates exist? Is the economy a mechanism, the functioning of which is governed by a limited set of distinct causes? What are the methodological implications of different ontological starting points? This collection, which establishes economic ontology as a coordinated field of study, will be of great value to economists and philosophers of social sciences. (shrink)

Because the techno-economic paradigm of contemporary conceptualizations of innovation is often taken for granted in the literature, this chapter opens up this self-evident notion. First, the chapter consults the work of Joseph Schumpeter, who can be seen as the founding father of the current conceptualization of innovation as technological and commercial. Second, we open up the concept by reflecting on two aspects of Schumpeter’s conceptualization of innovation, namely its destructive and its constructive aspect, based on findings in the history of (...) innovation. Finally, we synthesize our findings and propose an ontic-ontological conceptualization of innovation as ontogenetic process and outcome with six dimensions—newness, political dimension, economic dimension, temporal dimension, human dimension and risk—that moves beyond its technological and commercial orientation. (shrink)

This original book brings together some of the world's leading critics of economics orthodoxy to debate Lawson's contribution to the economics literature.

In recent years, there has been an increasing interest in thedevelopment of ontologically well-founded conceptual models for Information Systems in areas such as Service Management, Accounting Information Systems and Financial Reporting. Economic exchanges are central phenomena in these areas. For this reason, they occupy a prominent position in modelling frameworks such as the REA (Resource-EventAction) ISO Standard as well as the FIBO (Financial Industry BusinessOntology). In this paper, we begin a well-founded ontological analysisof economic exchanges inspired by a recent ontological (...) view on the nature of economic transactions. According to this view, what counts asan economic transaction is based on an agreement on the actions thatthe agents are committed to perform. The agreement is in turn based on convergent preferences about the course of action to bring about. This view enables a unified treatment of economic exchanges, regardless the object of the transaction, and complies with the view that all economictransactions are about services. In this paper, we start developing our analysis in the framework of the Unified Foundational Ontology (UFO). (shrink)

In recent years, there has been an increasing interest in the development of well-founded conceptual models for Service Management, Accounting Information Systems and Financial Reporting. Economic ex- changes are a central notion in these areas and they occupy a prominent position in frameworks such as the Resource-Event Action (REA) ISO Standard, service core ontologies (e.g., UFO-S) as well as financial stan- dards (e.g. OMG’s Financial Industry Business Ontology - FIBO). We present a core ontology for economic exchanges inspired (...) by a recent view on this phenomenon. According to this view, economic exchanges are based on an agreement on the actions that the agents are committed to perform. This view enables a unified treatment of economic exchanges, regardless the object of the transaction. We ground our core ontology on the Unified Foundational Ontology (UFO), discussing its formal and conceptual aspects, instantiating it as a reusable OntoUML model, and confronting it with the REA standard and the UFO-S service ontology. (shrink)

Throughout history, schools of economic thought have defined political economy—or economics—and its object of study in multiple ways. This paper reflects on the definitions of economics by schools of economic thought and also proposes the concepts of value and scarcity as key concepts to explain the differences between them. The most important findings of the paper are: (a) the ontological and epistemological characteristics of the concept of value and scarcity have shaped the definitions of economics; (b) the (...) boundaries of the study object of economics have been expanded since today’s mainstream economics deals with multiple topics as diverse as crime, education, development, health, etc. However, the methodological tools used in mainstream economics have been narrowed since approaches such as the philosophical, ethical, historical, and institutional approaches have been left behind; (c) the part of reality that mainstream economics can grasp have left behind important issues of the contemporary world, such as gender, social, and environmental issues. A clear understanding of the scope and boundaries of economics could help to define more realistic research questions for economic science, and it would help to define new economic paradigms that address the contemporary issues. (shrink)

This chapter contains sections titled: Economics and Philosophy of Economics Six Central Methodological Problems Inexactness, Ceteris Paribus Clauses, and “Unrealistic Assumptions” Contemporary Directions in Economic Methodology Conclusion References.

ABSTRACT This article proposes a theoretical framework for thinking systematically about Muslim males’ involvement in criminality, derived from the philosophy of critical realism. This theoretical framework is deployed to explore primary data from life story interviews with 17 Muslim male offenders in a way that explains the role of structural and cultural factors, as well as individual agency, in participants’ involvement in crime at a range of ‘emergent’ ontological levels. As well as factors in common with offending by young males (...) generally, such as absent role models at home, experiences of socio-economic marginalization, the presence of hypermasculine hegemonic masculinities on the street and an inadequate experience of school, ‘unserious’ religion and ‘religious’ justifications for involvement in crime are factored into the ontology of the male Muslim offender as rendering some young Muslim males particularly vulnerable to offending. (shrink)

Introducing the ontology of theory choice -/- Economists choose theories and they choose ways of pursuing theories, and they leave others unchosen. Why do economists choose the way they do? How should economists choose? What are the objectives and what are the constraints? What should they be? The questions are both descriptive and prescriptive. -/- There are two broad classes of “criteria of choice” that have been somewhat systematically considered in the recent literature on economic methodology: (1) Empirical criteria. (...) There are several possible ways of incorporating empirical criteria in one's theory of science. The respective methodology of theory assessment may be static or dynamic, it may be deductivist or inductivist, it may include various ideas of what constitutes empirical evidence, and so on. What they all share is the general idea that scientific theories are, or are to be, checked against empirical evidence according to some rules, and that this determines the choice of theory. (2) Social criteria. Again, there are several options. The social criteria may be related to the social interests of scientists or larger social collectives, they may be based on the persuasiveness and tradition-boundedness of theories, they may involve social or moral norms, they may be derived from various costs and benefits of holding a theory in a given research community, and so on. If they involve empirical data, it is the social aspects of the data that matter. What all these views share is that scientific theories are taken to have social attributes (functions, consequences) that play or should play a major role in theory choice. (shrink)

The focus of this paper lies in the unconscious solidification of capitalist ideology through Lacanian understanding of subjectivity. The analysis intervenes in the ideological fantasy and its inherent antagonisms in order to analyse the way capitalist ideology strives to fill or repress these ruptures in the socio-symbolic edifice. It points to the mode of proliferation of certain objects, which the fantasy puts in the position where they can function as objects of desire, covering the cracks in the socio-symbolic order by (...) filling their own lack. Furthermore, I focus on the establishment and signification of meaning within the capitalist matrix as well as its dialectical overlap with the objects proliferated by the socio-economic system in question. Such simultaneous fusion of lack and excess creates ideological enjoyment and solidifies capitalist ideology in the subject’s fantasy construction. Here lies the strength of capitalist ideology and its appropriation of even some social phenomena into consumerist categories. It is therefore vital to understand how ideology manages to fix its core of enjoyment through a dialectical overlap of meaning and objects to produce a totalized experience of reality. In itself, this already points to the much neglected Lacanian discourse of the Capitalist, revealing how the daily reality of subjects is driven by unconscious fantasy in its dogmatic ideological circle. It also hints to the homology between Lacan's surplus- jouissance and Marx's surplus-value. (shrink)

This paper considers in detail the ontological and normative presuppositions of the state-contingent approach to pricing commodities first introduced by Arrow in his model of general equilibrium under uncertainty, which became a milestone in the theory of finance. By contextualizing Arrow’s fundamental contribution and subsequent developments in finance, it demonstrates how this new conceptual framework implied certain technologies—both intellectual and financial. In showing how theoretical thinking about finance was underlying institutional developments in finance, this paper complements the familiar narrative of (...) the performativity of economics. (shrink)

So you're an economist? You study everything that can be gauged by the measure rod of money? You view human interaction in terms of supply and demand in the market? You depict human action as seeking self-interest in a calculative manner? Is this indeed your view of the world? If you are an economist and somebody has attempted, or might attempt, to embarrass you with such questions, you should read this book. If you are a non-economist inclined to raise such (...) questions, you too should study the essays collected in this volume. If you are a philosopher interest in the peculiar characteristics of the 'dismal science', this is a book to read. The book examines aspects of the economic world view from a variety of perspectives by raising shamelessly deep questions. This is a book in the ontology of economics. (shrink)

This (somewhat polemical) paper focuses on the ontological nature of money and draws comparisons to the ontological status of gauge freedom in physics. The parallels allow us to move beyond the social constructivist theories of Searle et al., and thereby avoid some pitfalls with such views. Since we have a reasonably good grasp of the ontological features in the physics context, we can pull back lessons from there onto the economic domain. In general, we find that this approach offers a (...) nice lens through which to view the ontological peculiarities of money. (shrink)

Legal codes, such as the Uniform Commercial Code (UCC) examined in this article, are good points of entry for AI and ontology work because of their more straightforward adaptability to relationship linking and rules-based encoding. However, approaches relying on encoding solely on formal code structure are incomplete, missing the rich experience of practitioner expertise that identifies key relationships and decision criteria often supplied by experienced practitioners and process experts from various disciplines (e.g., sociology, political economics, logistics, operations research). (...) This research focuses on the UCC because it transcends the limitations of a formal code, functioning essentially as a composite. AI work can benefit from real-world codes like the UCC, which are essentially formal codes enlightened from a more realistic experience-base from centuries of development in international commercial transactions settings. This paper then describes our initial work in converting an expert system on the U.S. law governing the sale of goods from Article II of the Uniform Commercial Code (UCC), into a knowledge-based system using the Web Ontology Language OWL. (shrink)

In the past half century, the theory of the firm has become a specific and prolific research field. However, the social ontology of this central institution of capitalism has never truly been the subject of investigation. I consider this negligence harmful for organizational economics and management and, more broadly, for the social sciences, notably because the first and central question raised by the theory of the firm relates to its nature: What is a firm? For this reason, I (...) propose some novel considerations for a social ontology of the firm by focusing on social emergence, reconstitution, the two-level institutional logic of the firm, complex organizational dynamics and interacting mechanisms, and power. (shrink)

This article examines how problems of validity in empirical social research differ from those in natural science. Specifically, we focus on how some ontological peculiarities of the object of study in social science bear on validity requirements. We consider these issues in experimental validity as well as in test validity because, while both fields hold large intellectual traditions, research tests or questionnaires are less closely connected to natural science methodology than experiments.

We are all immersed in a sea of social norms, but they are sometimes tricky to observe with any clarity. They are often invisible to us and emerge only when they are not observed. Social norms are important to understand because they are both limiting of our freedom, such as gendered and racialized norms, and at the same time the very conditions of our agency. Social Goodness presents an original, externalist answer to the question of the source or origin of (...) social role normativity. Rather than grounding social normativity in the attitudes of persons, the book argues for an externalism that roots social role normativity in the social world itself: in its positions, institutions, and larger architecture. The core insight of externalism is that the function or structural feature of an enterprise or activity can bring with it normative demands quite independently of the attitudes of those who engage with it. According to the artisanal model, just as a carpenter, ceramicist, or chef is responsive to and evaluable under a set of artisanal norms or techniques, so too is a mother and or an academic or a President. The source of normativity is this technique or expertise, independent of the preferences, endorsements, or recognitive attitudes of individuals. The artisanal model for social role normativity has resources to explain both the "stickiness" or persistence of social norms and our ability to criticize existing norms and to engage in normative self-creation--to create new normative selves. The artisanal model also has resources to capture and express the social situatedness, locality, and materiality of social roles. The relational ontology of social roles, implicit in the artisanal model, provides a useful frame to consider both hierarchical and oppressive social relations. (shrink)

In this article, I contest Brian Epstein’s argument (2014) against the applicability of global supervenience to relate micro and macroeconomic properties. Epstein rejects supervenience via a causal-chain relation inside the macroeconomic set in his criticism. Accordingly, the rise of the macro set is fixed by a weather event without any mediation from the realm of microeconomics. As it stands, this idea would demonstrate the autonomy of macroeconomics from microeconomics. However, as I intend to argue, in Epstein’s weather-cases scenarios, the corresponding (...) macroeconomic sets are fixed by their micro bases that codify weather events and thereby fix the macro. This is so because the microeconomic base must include institutional facts; they are as much necessary as the facts about people’s conditions. In so doing, we re-establish bottom–top determination from the micro to the macro, rescuing the applicability of global supervenience. (shrink)

Praxis is the identifying signature of the most prevalent contemporary versions of the reception and interpretation of Marx and of the movements of thought inspired or provoked by him. This view seems to accord well with the early “Theses on Feuerbach” and is frequently mobilized in support of the further claim that the “mature” or “scientific” Marx, the Marx of Das Kapital, above all had left behind his former preoccupations with philosophy in anything like a traditional sense, in order to (...) pursue single-mindedly and whole-heartedly his critical diagnosis of bourgeois political economy, the opening wedge in his “practical” campaign to establish first socialism and then communism. In this essay, I want to call into question some of the central commitments of this consensus. In particular, I shall suggest that Marx’s understanding of praxis, of human activity and interaction, is pervasively shaped by his conception of poiesis, the production of hitherto non-existing objects and, therewith, the ongoing transformation of external Nature. Accordingly, appreciations of Marx’s supposedly revolutionary transfiguration of the relation between theoria and praxis need to be recast and reconstrued in light of his reduction of praxis to technical production. Poiesis is the cardinal, indeed the unique, category in the ontological vocabulary Marx adopted in his earliest works and never abandoned afterwards, even when he went on to treat ontological issues much more economically. This monochromatic vocabulary so colored Marx’s analysis of the nature and civic places of labor and human interrelations, that both tended to lose the variegated contours by which pre-modern, if not all pre-Marxist, thinkers recognized them. Marx’s elliptical, not to say sibylline, allusions to the condition and the telos of “socialized humanity” in the Grundrisse and in the final volume of Das Kapital prove so perplexing exactly because ‘labor’ itself has become paradoxical—does it figure with equal prominence in both the ‘realm of necessity’ and the ‘realm of freedom’?—while praxis, once it seems finally set free from the spell cast on it by the presumptive ultimacy of poiesis, appears to lose its bearings, its pre-modern orientation to a goal such as achieved and mutually-acknowledged human excellence. The claims and promises of praxis turn out to be deeply enigmatic. (shrink)

The main purpose of this paper is to provide a critical overview of the key contributions made by Luc Boltanski and Arnaud Esquerre in Qu’est-ce que l’actualité politique? Événements et opinions aux XXIe siècle. Whereas Enrichment: A Critique of Commodities is essentially a study in economic sociology, Boltanski and Esquerre’s latest book reflects a shift in emphasis towards political sociology. As demonstrated in this paper, their inquiry into the ontologie de l’actualité – that is, the ontology of contemporary reality (...) – contains valuable insights into the relationship between the production, circulation, and consumption of news, on the one hand, and the emergence of processes of politicization, on the other. The first half of this paper comprises a summary of the central arguments developed in Boltanski and Esquerre’s investigation, before moving, in the second half, to an assessment of its most significant limitations. (shrink)

The growing critical and economic success of Virtual Reality technologies is generating renewed scholarly interest in virtual environments. One of the most long-lasting and influential perspectives on the topic has been labelled «virtual realism» (Heim [1998]), and it has passed throughout the entire history of virtual environments studies up to recent days (Chalmers [2022]). Virtual Realism frames virtual environments in terms of realism, and precisely of perceptive soundness and isomorphism between physical environments and virtual ones, producing a convincing illusion of (...) being physically present in the digital space. This article develops a critical counter-argument to this account. By employing James J. Gibson’s ecology of perception and Deleuze’s and Lévy’s philosophy of the virtual, the article aims at demonstrating that the ontology of virtual environments is rooted in a domain of predetermined possibilities, and that the resulting aesthetics can not be fully immersive. Instead, the latter should embrace the «emersive» and anti-realistic qualities of the medium as an expressive device. (shrink)

This article argues that agent-based modeling is the methodological implication of Lawson’s championed ontological turn in economics. We single out three major properties of agent-based computational economics, namely, autonomous agents, social interactions, and the micro-macro links, which have been well accepted by the ACE community. We then argue that ACE does make a full commitment to the ontology of economics as proposed by Lawson, based on his prompted critical realism. Nevertheless, the article also points out the (...) current limitations or constraints of ACE. Efforts to overcome them are deemed to be crucial before ACE can make itself more promising to the current ontological turn in economics. (shrink)

Recent scholarship has inquired into the socio-historical, discursive genesis of trauma. Trauma and the Ontology of the Modern Subject, however, seeks what has not been actualized in trauma studies - that is, how the necessity and unassailable intensity of trauma is fastened to its historical emergence. We must ask not only what trauma means for the individual person's biography, but also what it means to be the historical subject of trauma. In other words, how does being human in this (...) current period of history implicate one's lived possibilities that are threatened, and perhaps framed, through trauma? Foucauldian sensibilities inform a critical and structural analysis that is hermeneutically grounded. Drawing on the history of ideas and on Lacan's work in particular, John L. Roberts argues that what we mean by trauma has developed over time, and that it is intimately tied with an ontology of the subject; that is to say, what it is to be, and means to be human. He argues that modern subjectivity - as articulated by Heidegger, Levinas, and Lacan - is structurally traumatic, founded in its finitude as self-withdrawal in time, its temporal self-absence becoming the very conditions for agency, truth and knowledge. The book also argues that this fractured temporal horizon - as an effect of an interrupting Otherness or alterity - is obscured through the discourses and technologies of the psy-disciplines (psychiatry, psychology, and psychotherapy). Consideration is given to social, political, and economic consequences of this concealment. Trauma and the Ontology of the Modern Subject will be of enduring interest to psychoanalysts and psychotherapists as well as scholars of philosophy and cultural studies. (shrink)

What are economic exchanges? The received view has it that exchanges are mutual transfers of goods motivated by inverse valuations thereof. As a corollary, the standard approach treats exchanges of services as a subspecies of exchanges of goods. We raise two objections against this standard approach. First, it is incomplete, as it fails to take into account, among other things, the offers and acceptances that lie at the core of even the simplest cases of exchanges. Second, it ultimately fails to (...) generalize to exchanges of services, in which neither inverse preferences nor mutual transfers hold true. We propose an alternative definition of exchanges, which treats exchanges of goods as a special case of exchanges of services and which builds in offers and acceptances. According to this theory: (i) The valuations motivating exchanges are propositional and convergent rather than objectual and inverse; (ii) All exchanges of goods involve exchanges of services/actions, but not the reverse; (iii) Offers and acceptances, together with the contractual obligations and claims they bring about, lie at the heart of all cases of exchange. (shrink)

Artificial intelligence is the new technological buzzword. Everything from camera apps on your mobile phone to medical diagnosis algorithms to expert systems are now claiming to be ‘AI’, and many more facets of our lives are being colonized by the application of AI/ML systems (henceforth, ‘AI’). But what does this entail to designers, users and to society at large? Most of the philosophical discourse in this context has focused on the analysis and clarification of the epistemological claims of intelligence within (...) AI and on the moral implications of AI. Philosophical critiques of the plausibility of artificial intelligence do not have much to say about the real-world repercussions of introducing AI systems into every possible domain in the name of automation and efficiency; similarly, most of the moral misgivings about AI have to do with conceiving them as autonomous agents beyond the control of human actors. These discussions have clarified the debate surrounding AI to a great extent; however, certain crucial questions remain outside the ambit of these debates. Arguments in support of AI often take advantage of this void by emphasizing that AI systems are no different than previously existing ‘unintelligent’ technologies, thereby implying that the economic, existential, and ethical threats posed by these systems are either similar in kind as those posed by any other technology or grossly misplaced and exaggerated. In this chapter, we shall think through this assumption by investigating into the ontology of AI systems vis-à-vis ordinary (non-AI) technical artefacts to see wherein lies the distinction between the two. I shall examine how contemporary ontologies of technical artefacts (e.g., intentionalist and non-intentionalist theories of function) apply to AI. Hence, clarifying the ontology of AI is crucial to understand their normative and moral significance and the implications therefrom. (shrink)

This paper analyses the cognitive image schemas structuring the ontological commitments of dominant conceptions of ethics and economics to show that the content of economics is implicated in conceptions of ethics, and that these conceptions cannot be separated from questions of research and professional ethics. This analysis of the metaphoric structuring of the ontological commitments of ethics and economics is based on an extension of Kuhn's construct sense of 'paradigm' as concrete analogy; and on techniques of metaphoric (...) analysis developed in cognitive linguistics. Analysis of the iconic and schematic representations of the concrete analogies and idealised cognitive models structuring economic and ethical theories expose both shared and conflicting ontological commitments. Read the Open Peer Discussion on this paper ». (shrink)

The discipline of economics can benefit from a more explicit, systematic, and sustained concern with ontology; that is, with the philosophical analysis of the nature of the social world. Contrary to the argument advanced in these pages by Gerry Steele , critical-realist ontological analysis encourages fruitful economic research in a number of ways: by helping to identify research methods suitable for analyzing economic issues; by promoting the development of key substantive economic concepts; and by helping to reveal and (...) resolve inconsistencies in existing research. (shrink)

Macroeconomic traditions disagree on the policies needed for the economy to properly function and how to assess them. In this paper, we contend that these disagreements originate from the social ontological commitments of a theory. The ontology of money underlines these disagreements between Modern Monetary Theory (MMT) and mainstream economics. First, we assess MMT’s ontology of money. Next, we identify MMT’s normative commitments and classify MMT’s ontology as a taxonomic definition with thick concepts. Finally, we offer (...) reasons why MMT's ontology of money leads to rivalries with other economic traditions. We argue disagreements on policy are expected, given the ontological differences elaborated. (shrink)

The discipline of economics can benefit from a more explicit, systematic, and sustained concern with ontology; that is, with the philosophical analysis of the nature of the social world. Contrary to the argument advanced in these pages by Gerry Steele (2005), critical-realist ontological analysis encourages fruitful economic research in a number of ways: by helping to identify research methods suitable for analyzing economic issues; by promoting the development of key substantive economic concepts; and by helping to reveal and (...) resolve inconsistencies in existing research. (shrink)

Within the discipline of economics critical realism has thus far been advocated to a large extent through a sustained critique of the position of mainstream economics. This article questions these critical endeavours for their analytical shortcomings and suggests an alternative and more constructive approach for developing and arguing critical realism within economics. It is argued that the critique of mainstream economics is wanting due to the fact that it focuses on modes of inference rather than on (...) questions of ontology and that the scope of the analysis is too wide. The consequences of these shortcomings are considered for the future prospects of the critical realist project within economics. Drawing on advances made within the discipline of sociology, a somewhat different strategy is suggested for the task of arguing and developing critical realist approaches within the field of economics. The hallmark of this approach is advocacy of critical realism by way of substantive analyses of relevant questions and issues rather than by critical assessment of competing positions. As it happens, however, although the main focus of this approach is constructive rather than critical, a more fruitful and sustainable critique of mainstream economics and other schools of thought is part and parcel of these endeavours. The argument developed, moreover, indicates the prospects of cross-fertilisation between disciplines in which the critical realist project has now gained a foothold. (shrink)

Carl Menger’s Principles of Economics published in 1871 is usually regarded as the founding document of the Austrian School of economics. Many of the School’s prominent representatives, including Friedrich Wieser, Eugen Böhm-Bawerk, Ludwig Mises, Hans Mayer, Friedrich August Hayek, Fritz Machlup, Oskar Morgenstern, and Gottfried Haberler, as well as Israel Kirzner, Ludwig Lachmann, Murray Rothbard, and Don Lavoie, advanced and modified Menger’s research program in sometimes conflicting ways. Yet, some characteristics of the Austrian School remain (nearly) consensual from (...) its foundation through to contemporary neo-Austrian economists. In eight sections, we will briefly discuss some of the philosophical and methodological characteristics of Austrian economics: Austrian action theory and interpretative understanding, a relatively thoroughgoing subjectivism, methodological individualism, ontological individualism, apriorism, essentialism, an often overstated rejection of formal methods, and alertness to economic semantics. (shrink)

This paper explores the implications of the recent revival of Hegel studies for the philosophy of economics. We argue that Hegel’s theory of Objective Spirit anticipates many elements of modern approaches in cognitive sciences and of the philosophy of mind, which adopt an externalist framework. In particular, Hegel pre-empts the theories of social and distributed cognition. The pivotal elements of Hegelian social ontology are the continuity thesis, the performativity thesis, and the recognition thesis, which, when taken together, imply (...) that all mental processes are essentially dependent on externalizations, with the underlying pattern of actions being performative. In turn, performative action is impossible without mutual recognition in an intersubjective domain. We demonstrate the implications for economic theory in sketching an externalist approach to institutions and preferences. (shrink)

The ontology of marketing, particularly the question of what products and brands are, is still largely unexplored. The ontological status of brands hinges on their relationship with products. Idealists about brands see perceptual or cognitive acts of consumers grouped under the heading ‘brand awareness’ or ‘brand image’ as constitutive for the existence of brands so that, in their view, tools of the marketing mix can influence relevant mental dispositions and attitudes. Brand realists, on the other hand, reject the view (...) of brands as mere marks or names and interpret them as emergent products with properties that afford branding in the sense of Gibson’s ecological psychology. Brand strength is a function of the degree to which brands occupy defensible niches in product space. Branding as a process involves changing external or internal boundaries of products. Several arguments are proposed in favor of brand realism. The fragments of an ontology of marketing are developed in a broadly Aristotelian framework. Brand realism has significant implications for a new understanding of issues ranging from the effects of advertising to financial brand valuation, the nature of trademarks, and marketing strategy in general. It permits one to treat brand equity as a real phenomenon not dependent on associations, attitudinal states such as brand loyalty, or spurious constructs such as brand character or personality. (shrink)

Opponents of mainstream economics have not yet called attention to the lack of in-depth examination of the general scientific conception of modern economics. However, economic science cannot consistently fulfil the epistemological and ontological requirements of the scientific standards underlying this conception. What can be scientifically recognized as true cannot be answered, neither through the actual ontological structure of the object of observation nor through a methodological demarcation. These limitations necessarily lead to the claim for both a pragmatic and (...) a radical methodological pluralism. (shrink)

In Part 1 of this wide-ranging interview, Tony Lawson discussed his role in, and relationship to, Critical Realism as well as various defences of mathematical modelling in economics. In Part 2 he t...

Carl Menger’s Principles of Economics, published in 1871, is usually regarded as the founding document of the Austrian School of economics. Many of the School’s prominent representatives, including Friedrich Wieser, Eugen Böhm-Bawerk, Ludwig Mises, Hans Mayer, Friedrich August Hayek, Fritz Machlup, Oskar Morgenstern, and Gottfried Haberler, as well as Israel Kirzner, Ludwig Lachmann, Murray Rothbard, Don Lavoie, and Peter Boettke, advanced and modified Menger’s research program in sometimes conflicting ways. Yet, some characteristics of the Austrian School remain (nearly) (...) consensual from its foundation through to contemporary neo-Austrian economists. In eight sections, we will briefly discuss some of the philosophical and methodological characteristics of Austrian economics: Austrian action theory and interpretative understanding, a relatively thoroughgoing subjectivism, methodological individualism, ontological individualism, apriorism, essentialism, an often overstated rejection of formal methods, and alertness to economic semantics. (shrink)

Within the heterodox economic literature on pluralism, attention has predominately focussed on epistemic and methodological levels. The response to the question of what ontological pluralism could mean, and its contribution to the debate, remains limited. This paper argues for greater attention to be given to ontological pluralism, not only because it enriches the existing discussions around pluralism in the heterodox literature but it also provides support for a plurality of epistemological standards and methodological approaches. The paper proposes an alternative definition (...) of ontological pluralism based on the work of McDaniel and Turner. Both argue that ontological pluralism should be understood as saying that there are different ways to exist and that acceptance of the semantic characteristics of ontological questions and statements within different ontological discourses are essential in a proper definition. This paper details their definition and explores its consequences with an analysis of the Searle–Lawson dispute on social objects. (shrink)

“Over a hundred years ago Thorstein Veblen expressed the view that the ontological or ‘metaphysical’ presuppositions of economics needed to be more realistic, a view that was a necessary part of his support for evolutionary thinking. When he was writing, though, evolutionary theorising in economics had been introduced in a rather incoherent manner resulting in an ontological mishmash - of a sort that led Veblen to coin the label neoclassical for those involved. As it happened evolutionary thinking never (...) really took off in a coherent way in economics, and social ontological reasoning itself became somewhat marginalised. As I write, however, there are once more groups of scholars including economists developing systematic projects in social ontology. Now, however, the branch of non-social science attracting the most attention is quantum mechanics. An issue of interest that is explored here is whether the growing concern of economists with quantum insights will finally allow the specific ontological conception supported by Veblen to become established, facilitating, amongst other things, a turn to a coherent form of evolutionary thinking, or whether, as argued by some, it is more likely to lead to support for the ontological mix-up sustained by those Veblen labelled neoclassical.”. (shrink)