There is a growing perception among economists that their field is becoming increasingly irrelevant due to its disregard for reality. Critical realism addresses the failure of mainstream economics to explain economic reality and proposes an alternative approach. This book debates the relative strengths and weaknesses of critical realism, in the hopes of developing a more fruitful and relevant socio-economic ontology and methodology, With contributions from some of the leading authorities in economic philosophy, it includes the work of theorists critical of this approach.
In the first part, contributors develop and deepen economics as a realist social theory by considering the work of individuals, various schools of thought, socio-economic phenomena and methodology. In the second part, contributors weigh the strengths and weaknesses of critical realism.