Shunting the train of economics onto a relevant and realist track
One of the major problems of economics, even today, is to establish an empirical discipline that connects our theories and models to the actual world we live in. In that perspective I think it is necessary to replace both the theory and methodology of the predominant neoclassical paradigm. Giving up the neoclassical creed does not mean that we will have complete theoretical chaos.
The essence of neoclassical economic theory is its exclusive use of a deductivist Euclidean methodology. A methodology – which Arnsperger & Varoufakis [2006:12] calls the neoclassical meta-axioms of “methodological individualism, methodological instrumentalism and methodological equilibration” – that is more or less imposed as constituting economics, and, usually, without a smack of argument. Hopefully this book will manage to convey the need for an articulate feasible alternative – an alternative grounded on a relevant and realist open-systems ontology and a non-axiomatic methodology where social atomism and closures are treated as far from ubiquitous.