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Connections and Distinctions: Post

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Connections and Distinctions: Post Keynesianism and Critical Realism

Author(s): Tony Lawson
Source: Journal of Post Keynesian Economics, Vol. 22, No. 1 (Autumn, 1999), pp. 3-14
Published by: M.E. Sharpe, Inc.
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TONYLAWSON

Connectionsand distinctions:
Post Keynesianismand critical realism
andthe
Whatif anythingis theconnectionbetweenPostKeynesianism
projectof criticalrealismin economics?The followingpapersare
collectedtogetherin the formof a symposiumpreciselybecauseeach
broachesthisquestion.Becausetheyalsoconnectwithanearlierpaper
of my own thatraisesthe samequestion(Lawson,1994),I havebeen
thecurrentdiscussionandprovidesomebackground
askedto introduce
to it by way of clarifyingmy own positionon the matterin question.
ThisI amveryhappyto do.
The contextof my earlierpiece was the thenrecentemergenceof a
numberof contributions
questioningthenatureof PostKeynesianism
a coherentproject.Onthelatterissuespecifandwhetherit constituted
wereconcludingnegatively,some apparically,manycommentators
entlyviewingcoherenceas a nearimpossibility.My argumentto the
andseeminglywidely
contrary
was,andremains,thatthemoreenduring
acceptedtenetsof PostKeynesianismcan be explainedandrendered
mutuallycoherentby seeingthe projectas underpinned
by the philosophicalperspectiverecentlysystematizedas criticalrealismin economics.I thusofferedthe suggestionthatit is animplicitadherenceto
thissortof seeminglycoherentphilosophical
perspectivethatprovides
the basisfor coherencewithinPostKeynesianism.
HereI shallsketch
of thenatureof criticalrealism,briefly
somethingof myunderstanding
defendthe notedsuggestion,anddrawout some of the latter'smore
forPostKeynesianism.
significantimplications
The natureof criticalrealism
Theprojectsystematizedas criticalrealismin economicsis a broadly
philosophicalone.As such,it doesnotcarrydirectsubstantiveclaims
or concretepolicyimplications.
Thelatterarethe tasksof the specific
The author is a Lecturerin the Faculty of Economics and Politics, Cambridge
University.
Journal of Post KeynesianEconomics / Fall1999,Vol.22, No. 1

3
1999M.E.Sharpe,Inc.
0160-3477 / 1999$9.50+0.00.
c

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JOURNALOF POST KEYNESIAN

ECONOMICS

sciences.It does not therebyfollow, however,thata projectsuch as

criticalrealismis detachedfrom,or externalto, socialpractices;to the
contrary,it is rootedin them(see, forexample,Lawson,1997,ch. 5).
Evenso, it is essentiallyanunderlaborer
for science,includingsocial
science;it cannotact as a substitutefor scientificenquiry.Instead,it
seeks to provideinsightspitchedat a higherlevel of abstraction
than
substantivetheory.At the level of ontologyin particular
(i.e., inquiry
aremadefor
dealingwiththenatureof beingor existence),arguments
thatreality,bothnatural
andsocial,is structured
supposing
(itincludes,but
is irreducible
to, actualitiessuchas eventsandstatesof affairsandour
arenot ubiquitous-due
experiencesof them),open(eventregularities
tothemultiple,
andperpetually
especially
shiftingmixof,causesofevents),
eventregularities,
do occurunder
anddifferentiated
(closures,sustaining
in certainrealms);
some,butonlyundersome,veryspecificconditions,
is especiallydynamicandconstituted
andthatsocialrealityinparticular
to
a significant
relatedtotalities.1
degreeby internally
However,it is not a partof the criticalrealistprojectto uncoveror
investigatethespecific structures,
includingtotalitiesorprocesses(etc.),
thatemerge.Suchworkis downto theindividualsciencesthemselves.
Norcanorshouldcriticalrealismsuggest,atanylevelotherthana very
abstractone, the criteriathatwill proverelevantin any explanatory
situation.
These,too,area matterof contextandtheproperconcernof the
1 Twotypesof relationscanbe distinguished:
externalandinternal.Twoobjects,
relatedwheneachis whatit is and
features,orwhateveraresaidto be externally
of therelationin whichit standsto theother.Examdoeswhatit does,irrespective
A worldof
plesincludebreadandbutter,coffeeandtea,ortwopassingstrangers.
onlyexternalrelationscouldbe describedas atomistic.Incontrast,twoobjectsoraspectsaresaidto be internallyrelatedwhenat leastoneis whatit is ordoeswhatit
doesbecauseof its relationto theother.Examplesincludeemployersandemployees,
andtenants,etc.Exposteriori,it hasbeen
teachersandstudents,landlords/ladies
thataresubjectto themostinterfoundthatit is positionsratherthantheiroccupants
internalrelationsin thesocialdomain.Forexample,teacher-stuestingandenduring
dentrelationstendto endureeventhoughthestudentoccupantsoftenchangeevery
year.Also,it is foundthatrules,rights,obligations,
prerogatives,
etc.,aretypically
ascribedto positionsratherthantheiroccupants
perse. Thus,theobligationsand
perksI enjoyas a universitylecturerareattachednotto myselfbutto thepostI ocis appointed.
cupy,andwill fallon someoneelse if I quitmypostanda replacement
Now it is easyto see thatanypositioncanbe internally
relatedto numerous
others:
e.g., a universitylecturerto eachof students,theuniversityauthorities,
thegovernment,grantgivingbodies,etc.Thus,it is alsoeasyto see thatall thefamiliarsocial
systems,collectivities,andorganizations-theeconomy,firms,households,
hospiorconsistin, internally
tals,tradeunions-dependupon,presuppose,
relatedpositionrulesystemsof thisform.Thus,thesocialworldis foundexposteriorito be densely
relatedtotalities.
populatedwithinternally

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REALISM S
AND CRITICAL
POST KEYNESIANISM

to, orwhoare
relevantscience(s).Of course,manywhohavecontributed
informed
by,theprojectof criticalrealism,alsoengagedirectlyin science
positionsand
includingsocialtheory.However,anyresultingsubstantive
achievedstilldo notwarrant
as the
beingdistinguished
policyorientations
be acknowledged
all thatcanreasonably
is preciselythat
criticalaccounts;
by researchers
actingon thebasisof thecriticalrealist
theyareproduced
of thenature
of science,nature,
andsociety.
understanding
realist"totheoriesorexplanations
Butwhynotattachthelabel"critical
uncoveredby individualsactingon the insights,or acceptingthe perspective,of criticalrealism?Notice,firstof all, that,giventhe open,
dynamic,and holisticnatureof featuresof reality,it would not be
surprisingif differentsocial scientistsinformedby a criticalrealist
of a givenphenomperspectivecameup withcompetingexplanations
enon.Indeed,theyfrequentlydo. Wheretheydo, it is obviouslyinapas thecriticalrealistaccount
propriateto referto anyone explanation
aimofthescientific
inquestion.Ofcourse,aprimary
ofthephenomenon
processremainsthepursuitof truth,andit is generallyto be hopedthat
toempiricalandotherforms
competinghypotheses
bywayof subjecting
that
is
seen
to outperform
theothers
an
account
of assessment,
emerges
in termsof explanatory
power,andthe like,andtherebyto gainwidespreadacceptance.But even if and whereagreementof this sort is
reached,therecanbe no suppositionthatthe accountin questionwill
not be revisedor displacedin due course.All knowledgeis fallible,
partial,and likely transient.Indeed,if progressis to be achieved,
in even our currentlymost explanatorily
continuoustransformations
powerfulaccountsare to be encouraged.Thus, at no stage can a
substantive
theorybe saidto qualifyas thecriticalrealistone.2Critical
cautious.
realismis thusontologicallyboldbutepistemologically
substantive
claims
but
also
Of course,not only
ontologicalones
needlessto say,
(claimsaboutthenatureof reality)arefallible,including,
withintheprojectof criticalrealism.Wherethelatter
thosesystematized
arefoundwanting,theoutcomewillpresumably
be a transformation
in,
orsublation
realism.
Butthisrecognition
ora transcendence
does
of,critical
by, and
not affectthe claimthatcriticalrealismper se is not supported
doesnotleaddirectlyto, particular
substantive
theories.3
Therelevance
2

For a lengthierdiscussion of this point, see especially Lawson (1996).

3 Rather,thedefenseof criticalrealismturnsupontranscendental
argumentsstarting
frompremisesconcerninggeneralizedfeaturesof experienceacceptedby proponentsand
opponentsof criticalrealismalike(see Lawson,1997, 1998;Fleetwood,1999).

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JOURNALOF POST KEYNESIAN

ECONOMICS

andsustainability
of criticalrealismis quiteconsistentwiththefactthat
a rangeof oftencompetingsubstantive
andpoliticalpositionsis to be
foundamongthosewhocontribute
to theproject.
oftheproject
of critical
But,if thenature
realismis asdescribed
above,and
is
no
link
it
there indeed direct between andanyspecificsubstantive
socialscientifictheoryor explanation,
thequestionarisesas to thenatureof the
of criticalrealismto a broadprojectortradition
relationship
suchas Post
arethecomectionsanddistinctions?
Keynesianism.
What,specifically,
Connections
I startwiththeconnections.Obviouslybothprojectsareconcernedin a
significantway with relevance.But I believe we can identifymore
commonalitythanthis.HereI wantto reaffirmmy earlierassessment
thatthepossibilityof coherencewithinthePostKeynesianprojectseems
to presuppose
(orwarrant
acceptance
of) somethingliketheperspective
of criticalrealism.As notedattheoutset,I claimthispreciselybecause
most of, andperhapsall, the recurrentandwidely acceptednominal
of Post Keynesianismare renderedintelligible,and I
manifestations
believeuniquelyso, by the projectof criticalrealism.Let me briefly
expandon thisclaim.
In the previouspaper(Lawson,1994), I identified,as prominent,
of PostKeynesianwriting,
enduring,andwidelyagreedmanifestations
in
contributions
suchfeaturesas:a persistentoppositionto mainstream
economics;a heavyemphasison explicitmethodological
reasoning;an
andhistoricalprocesses;an acceptance
enduringfocuson uncertainty
as beingablealwaysto have
of therealityof humanchoiceunderstood
actedotherwise;a prevalenceof setsof competingsubstantive
accounts
an associationwith the claimsof certain
of any given phenomenon;
classicaleconomists;andso forth.Letme brieflyconsidereachin turn
andindicatewhytheycanbe seenas manifestations
of somethinglike
the insightssystematized
as criticalrealism.
mainstream
Contemporary
economics,I haveelsewhereargued(see
especiallyLawson,1997),oughtitselfnottobeassociatedwithsubstantive claims. For a projectperceivedas the modernmainstreamis
acknowledged(by proponentsandopponentsalike)to persist(i.e., to
remainthesameidentifiable
project)evenwhileitsadherents
formulate
competingsubstantiveclaimsand/orgeneratenumerouschangesin
substantive
fashions.Theonlyaspectthatremainsintactthroughout
the
numerous
transformations
anddifferences
is an adherence
to formalistic

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POST KEYNESIANISMAND CRITICAL REALISM

(andso)deductivistorclosed-systems
modeling.Thisfeaturemustthus
be recognizedas theessenceof themainstream
project.Andthemainstreaminsistenceon the universalapplicationof fonnalisticmethods
presupposes,for its legitimacy,thatthe social worldis everywhere
areubiquitous.
closed,thateventregularities
Thus,in consistentlyopposingthecontemporary
mainstream
project
in economics,Post Keynesiansare acknowledging(whetheror not
explicitly)thattheworldis noteverywhere
closed,thateventregularities
thatin generaltheworldis openandsubjectonlyto
arenotubiquitous,
closure.In short,the continuingeslocalized(usuallyexperimental)
sence of modem mainstreameconomicsis methodological,and in
systematicallyopposingthat projectacrossits previoussubstantive
PostKeynesianism
is necessarilyadoptinga position
transformations,
thatis overtlyphilosophical/methodological.
In similarfashionit is easilyshownthatthewidespreademphasison
uncertainty,historicalprocesses,real choice, and the like, revealsa
commitment
byPostKeynesiansto somethingliketheopen,structured,
and dynamicontologysuch as elaboratedand systematizedwithin
criticalrealism.So, too, the classicaleconomistslookedto by Post
Keynesianscanbe shownto adoptthesamesortof "worldview."And,
of course,the notedheavyPostKeynesianemphasison methodology
ties in withcriticalrealismdirectly.
I mightemphasizeatthispointthatif PostKeynesians
Parenthetically,
dojoin with criticalrealismin acceptingits exposterioriassessmentthat

the worldis open and structured,

it does not follow (as some have
supposed)thatPost Keynesiansoughttherebynot to engageat all in
formalisticmethodssuchas econometrics.
Thepossibilityof successes
withthelatterrequireslocalclosures.Butclosuresthemselveshavebeen
shownto presuppose,andindeedto be a specialconfiguration
of, an
and
a
structured
that
case
of
the
sort
open
system, is, special
of system
thatdoeswidelyobtain(see, e.g., Lawson,1997).Criticalrealismthus
cannotanddoesnotruleout a prioritheirlimitedoccurrence.
Rather,
criticalrealismadoptsan essentiallyexposterioriorientation.And if the

primaryaimof theprojectof criticalrealismin economicsin particular

is to bringontologicalconsiderations
(back)intotheeconomicspicture
andto indicaterealpossibilitiesin thesocialrealm,it cannotdetermine
a priori which possibilities are to be actualizedin any local context. It
can explain why exposteriori closures do not seem to occur very often

in thesocialrealm(giventhelatter'shumanagency-dependent,
intrinsicallydynamic,andhighlyinternallyrelatednature),andit can and

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JOURNALOF POST KEYNESIAN

ECONOMICS

does indicateways of proceedingin their absence(e.g., forms of

contrastiveexplanation;
see Lawson,1997,ch. 15).Butthatis moreor
less as faras it goeswithrespectto therelevantissues.In short,critical
realismcanaccommodate,
andaprioridoesnotruleoutanyof, a range
of phenomenalsituations,andthusis quiteconsistentwitha limitedor
informedmethodological
pluralism.
So the opponentof criticalrealismis not the Post Keynesianor
whoever,seriouslyattemptingto find out if (or demonstrate
that)in
certainconditionssome closed-systemsmethodsor whatevercould
contributeto enlightenment.4
Rather,the opponentis the advocateof
anyformof a prioridogma.Inthecontextof modemeconomicsspecifically, the primaryopponentis (as it is for PostKeynesians)the current
mainstream
projectwithits a prioriinsistencethatformalism(withits
thatcloimplicit,buthardlyexaminedandungrounded,
presuppositions
is theonlyproper,
suresareubiquitous)
anda universally
valid,methodof
onalternatives.
modemeconomics,alongwithitseffectiveprohibition
Whataboutthevarietyof competingclaimsfoundatthelevel of Post
substantivetheory?As I have alreadyargued,
Keynesian-sponsored
criticalrealismitselfdoesnot directlylicenseanyspecificsubstantive
claimsof
theory;it is compatiblewitha rangeof competingsubstantive
Thisrecognition,as I arguedpreviously,thus
anygivenphenomenon.
holds out the promisethat Post Keynesianism,if linkedto critical
realism,canlegitimatelyprofesscoherencedespitespawninga plethora
claimsorexplanations.
of substantive
4 The emphasison endeavoringin a serious fashionto achieve enlightenmentis not
merely a "throwaway"line. I take such an approachto standin contrastto, for example, the familiarorientationof many modem mainstreameconomists who seem to
pursuegiven methodsuncriticallyand unerringly,in the face of both repeatedfailure
and persistentinconsistencyof theirpracticeandthe theorythey claim to follow,
withoutconcern for resolving the latterconfusions, and for seemingly no betterreason thanthatmost othersare acting likewise. The situationin most of modem econometrics is a case in point, as (critically)describedby Leamer(himself a leading and
respectedtheoreticalandpractisingeconometrician):

The opinion thateconometrictheoryis largely irrelevantis held by an embarrassingly large shareof the economics profession.The wide gap between
econometrictheoryand econometricpracticemight be expected to cause professional tension. In fact, a calm equilibriumpermeatesourjournalsand our
meetings. We comfortablydivide ourselves into a celibate priesthoodof statistical theorists,on the one hand,and a legion of inveteratesinner-dataanalysts,
on the other.The priestsare empoweredto drawup lists of sins and are revered for the special talentsthey display. Sinnersare not expectedto avoid
sins; they need only confess theirerrorsopenly. [Leamer,1978, p. vi]

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REALISM 9
AND CRITICAL
POST KEYNESIANISM

Distinctions
swordforPost
however,maybe a double-edged
Thislatterrecognition,
betweenPost
whichbringsmeto thequestionof distinctions
Keynesians,
if
in
Keynesianism
Post
realism.
coherence
For,
and
critical
Keynesianism
is achievedthroughlinkingthisprojectto criticalrealismin themanner
PostKeynesianism,
ofwhether
toraisethequestion
wearebound
suggested,5
more
than
a
philosophicalposiis ultimatelyanything
so interpreted,
of criticalrealism?Itmaynot
tion.Is it indeedjusta versionorprecursor
iftheanswertothequestion
isyes.ButI suspect
beintrinsically
problematic
to
otherwise.
believe,
andprefer
presuppose,
manyPostKeynesians
If, however,Post Keynesianismis to be regardedas not merely
to,critical
consistentwith,butalsodistinctfrom,andindeedirreducible
assessrealism,it seemsto followthattheremustbe somesubstantive
mentssharedby all PostKeynesiansthatarenotnecessarilyheldby all
thosewhoacceptthebroadperspectiveof criticalrealism.I speculated
in my earlierpiecethatthesewill lie at a level of generalitybelowthat
of ontologybut abovethatof most specificsubstantiveclaims.My
questionhere,as before,is: To whatextentis thisthecase?
Thereis a furtherandrelatedpotentiallyproblematicimplicationof
theabovediscussion.Myearlier(1994)paperwastitled"TheNatureof
I raisedthe
Post Keynesianismand Its Linksto OtherTraditions."
questionof "linksto others"becauseit seemedto methatotherheteroandso forth,
suchas (old)institutionalism,
Austrianism,
doxtraditions,
areimplicitlyalso ascribingto, or strivingtoward,somethinglike the
criticalrealistontologyandgeneralperspective.If thisis so, if acceptance of somethinglike the criticalrealistontologyis indeedwhat
thequestionalso
connectsthevariouscompetingheterodoxtraditions,
them.If thereis an essentialdifference
arisesas to whatdistinguishes
thedifferentiating
speculated,
betweenthesetraditions,
claims,Ipreviously
ata levelof
claimsformulated
social-economic
mustalsolie intheoretical
belowthatof socialontologybutabovethatof social-scientific
generality
Itis atthisintermediate
level,
of highlyspecificphenomena.
explanations
ineconomics
mustlook
traditions
heterodox
itseemstome,thatcompeting
to distinguishthemselves.My furtherquestionat this pointwas and
Towhatextentis thisachievedorevenfeasible?
remains:
5 Itremains
do valuecoheranopenquestion,of course,whetherPostKeynesians
enceof somesort(thoughproblemsclearlyariseif theydo not).I ammerelyconcernedwithhow,ifcoherenceis desiredandpursued,it mightbestbe conceptualized
andachieved.

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10

JOURNALOF POST KEYNESIAN

ECONOMICS

Of course,I do notwishto suggestthatbroadlyphilosophicalheterodox traditionsin economicscannotthemselvesmakea contribution

to
criticalrealism.Onphilosophicalmatters,the flow of insightscanbe,
and doubtlessis, both ways betweencriticalrealismand heterodox
traditions.
ButI believeitis fairto suggestthatcriticalrealismdoesoffer
farmore,andbetterdeveloped,philosophical
resources.Theheterodox
ineconomics,
it seemstome,stillneedtodistinguish
traditions
themselves
atthelevelof moreconcreteeconomic-scientific
primarily
theory.
I mightmention,parenthetically,
thatI havesometimesheardcertain
(old) institutionalistsmake the empiricalclaim thatthe institutioncon-

stitutesthe category(of socialstructure)

that(in some sense)matters
mostin economics.Whetherornotthisclaim(if morefullyelaborated)
is correct,and/oris acceptedby thewidebodyof (old)institutionalists,
it seemstomethatit is preciselyof thesortof generalized
yetreasonably
concreteandempiricalnaturethatwe areseeking.Certainly
thispremise
is not an ingredientof criticalrealismper se. My questionin my 1994
paperis whetherany premiseof a similarsort is or can be accepted
withinPost Keynesianism.This remainsmy primaryquestionhere,
althoughit is not,of course,forme to attemptananswer.
Overlappingambitions
thepreciseextentof theconnectionsanddistinctions
Whatever
between
I think
criticalrealismandheterodoxprojectslikePostKeynesianism,
to all or anyof suchendeavorsare
it is clearthatthosewho contribute
at leastfullyunitedin a questbothforgreaterrelevanceandfora more
open,tolerant,andinclusiveforumthanis currentlyto be foundin the
Thesetwoaspectsgo together,of course;a more
economicsacademy.6
6Modejnmainstream
economics,withitsa prioriinsistencethatwe all engagein
littleotherthanfornalisticmodeling(encompassing
modemmicro-,macro-,and
econometric
modeling)is, of course,a cognitiveill. Itsperpetual
failings,easilyexplainedby pointingto thegenerallyopennatureof socialreality,indicatethatits a
prioriuniversalizing
natureis a constraint
on openintellectual
thoughtandprogress.
Thismuchis clear.Buttheprojectin questionis worsethanthis.Notoriously,it has
to its perpetual
inconsistencies
responded
failingsandpersistent
primarily
by attemptMostobviously,formalistic
ingto gag all alternatives.
modelinghasbeenreintera "subjectmatter"
pretedas "coreeconomics,"
beyondseriousquestion;alternative
suchas PostKeynesianism,
approaches
alongwithhistoryof thoughtandthestudy
of economicmethodology,
havebeensystematically
removedfromuniversitycurricas prestigious
ula;journalsregarded
providelittleorno spacefornonfonnalistic
connewuniversitypostsopento heterodoxeconomistsareevenrarer,andso
tributions;
on andso forth.

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POST KEYNESIANISM
AND CRITICAL
REALISM 11

openandprointellectual
forum,wherecompetitionatthelevelof ideas
is premiseduponmutualrespectforothers,
is encouraged,interaction
opportunities
forall,andtheneedto be charitable
to opponents,appears
farmorelikelyto leadto relevance.At leastundersuchconditionsit is
less likelythatmethodswithsomehopeof beingfruitfulin anycontext
thecase.
will be ruledouta priori,as is currently
It is withtheaimof movingus inthesemoreprointellectual
directions
havecomeaboutandpersist,of
thatgroupingslikePostKeynesianism
course.Journalssponsoredby heterodoxgroupsareespeciallyimportantin this respect.Certainly,in actionslike encouragingthe current
idealforthe
symposium,PaulDavidsonis acceptingthisprointellectual
Journal of Post KeynesianEconomics. Similarly,this more open and

positiveorientation
is reflectedinthecontributions
thatfollow.Andthis
thefollowingpapersdirectly.
bringsme aroundto brieflyconsidering
All the followingcontributions,
orderedalphabetically
accordingto
the first-namedauthorof each paper,are reflexive,ponderingthe
directionandboundariesof a morerelevantprojectand formulating
criticismsof othersand/orpositionsin an informedbutrespectfuland
tolerantfashion.Thepapersthatfollow,indeed,seekto initiateas well
as to resolve lines of thought,offeringup a varietyof interesting
suggestionsandassessmentsforcriticism.
Briefly,SheilaC.Dowkicksoffwitha veryaccessiblebroadoverview
of manyof the issues centralto the discussion.She providescritical
supportfortheideathatcriticalrealism,withits emphasison ontology
in particular,
helpsdelineatePostKeynesianism
withinnonmainstream
economics.Developingthistheme,shemakesa casefordistinguishing
differentnonorthodox
traditionsaccordingto theirdistinctiveontologies or,morespecifically,theirdifferentvisionsof open-systems
reality.
However,she also emphasizesthe fallibilityof, and importanceof
continuallyscrutinizing,
criticalrealism,anticipating
a likelytwo-way
flow betweenPost Keynesianismand criticalrealism.In connection
withthis assessment,Dow is especiallykeenthatanyapparentinconsistenciesthatarisebetweenthe two projects(between,say, critical
realistfindingsandtheinclinations
of econometricians)
be dealtwithin
a progressiveandinclusiveway,preferably
via a processof discussion
capableof leadingto modifications
eitherin criticalrealismor in Post
Keynesianeconomic-scientific
practice,orinboth,as is necessary.She
also stressesthe view that the debateconcerningconnectionsand
distinctionsis reallyonlyjustbeginning.
PaulLewis andJochenRundeexaminethe compatibilityof critical

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ECONOMICS
12 JOURNALOF POST KEYNESIAN

realismandPostKeynesianismin practice.Thisthey do by assessing

of PaulDavidson,one of themost
theextentto whichthecontributions
significantandinfluentialPost Keynesians,fit with, or divergefrom,
theoutputof criticalrealism.Mostlytheyfindcommonality,
especially
inthesharedemphasisonontology.However,theyfocusondifferences,
specificallystrategicones arisingfromchoiceof categories.PaulDavidsonpreferstousevariouscategoriesasemployedbythemainstream,
on thegroundsthatthispracticefacilitatescommunication.
Lewisand
that
Rundeworry thispractice,whateveritsstrategicadvantages,
necessitatesaninsufficientlydevelopedsocialontology,despiteDavidson's
ownintentions,whichin turninevitablyinhibitssocial-scientificpossibilities.By way of illustration,they are concernedthat Davidson's
numerousinsightsintothe roleof moneyandfixednominalcontracts
in theeconomicprocessendup beingundermined
by his commitment
to theorthodoxvocabularyof stochasticprocesses.
EdwardJ. McKennaand DianeC. Zannonireplyto variousearlier
chargesformulatedby StephenParsons,also publishedin thisjournal
(Parsons,1996).Specifically,theyaddresstheclaimthatcriticalrealism
is inconsistentwithPostKeynesianism
on threecounts:its conception
of free will, its apparentlack of attentionto social change,and its
of Keynes'conceptionof convention.In helpfullyclariinterpretation
fying variouscriticalrealistcommentaries
on these issues,McKenna
and Zannoni argue that, far from being inconsistent with Post
Keynesianismon the issuesraised,criticalrealismprovidesa frameworkfor makingsense of these, andotherimportant,featuresof the
Post Keynesiancontribution.
RoyJ.Rotheimidentifiesthoseaspectsof criticalrealismthathetakes
to be the most significantbeforeexamininghow they informwhathe
takesto be the most commonlyacceptedinterpretation
of the Post
Keynesianprogram.He is particularly
keento assesswhetherthereis
justificationfortheclaimthatcriticalrealismservesas a foundationfor
a PostKeynesianperspectiveon the economy.To this end, Rotheim
interestingly
elaboratesa "PostKeynesianscientificontology"of structuresandmechanisms
relevantforaddressing
questionsof employment,
output,growth,inflation,anddistribution.
Thisframework
is captured
most fundamentally
by the PostKeynesianconceptionof ontological
uncertainty,the monetarytheoryof production,and the theoryof
effectivedemand.Rotheimarguesthattheseaspects,whichhe regards
as in someway the best componentsof a PostKeynesianeconomics,
collectivelyexpressa frameworkthatlinks comfortablywith critical

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POST KEYNESIANISM
AND CRITICAL
REALISM 13

thatthetwoprojects
realism.Rotheimfinishes,however,byspeculating
may well be forcedto partcompanyover issues of public policy
intervention,wherePost Keynesiansmay feel that a relianceupon
formalmodelsis indispensable.
determinate
Finally,BernardWaltersandDavidYoungrejectentirelythethesis
of a connectionbetween criticalrealismand Post Keynesianism.
They arguethatcriticalrealismis not, afterall, essentialto obtaining
consistencywithinPostKeynesianism,whileits explicitlynormative
or prescriptivestancenecessarilythreatensthePostKeynesianinclinationfor pluralism.They lamentthe fact thatcriticalrealismprovides few methodologicalguidelines for Post Keynesianism,also
warningthat the associationwith criticalrealismjeopardizesthe
Post Keynesianambitionto providea robustcounterweightto the
modernmainstream.
Althoughcollectivelythese authorsadopta varietyof orientations,
pursueoftenquitedifferentobjectives,anddrawa rangeof conclusions,
they are at one in theirconcernfor relevance,respectfulandserious
of theiropponents'position(s),andsuccessin advancingthe
treatment
relevantdiscussion.Eachis a significantcontribution.
Nevertheless,as
SheilaDow pointsout explicitly,the discussionanddebateoverconnectionsandlimitationsarestill in a relativelyearlystage,andthere
remainsa rangeof issuesof relevanceyet to be examined,as well as
competingand/orcontestedclaimsthatwarrantfurtherthoughtand
analysis.I suspect,too, thatsomereaderswill wantto respondspecificallyto thecontributions
collectedhere.Itis thusto be anticipated
that
this particulardiscussionwill continueand develop.If it does, it is
thatit will continuein the constructivespirit
equallyto be anticipated
of theepisodethatfollowsbelow.
REFERENCES
Fleetwood,S., ed. CriticalRealisminEconomics:
Development
andDebate.London:Routledge,1999.
Lawson,T. "TheNatureof PostKeynesianism
andItsLinksto OtherTraditions."
Journalof PostKeynesianEconomics,1994,16 (4), 503-538. [Reprinted
in D.L.
Prychitko
(ed.), WhyEconomists
Disagree:AnIntroduction
to theContemporary
Schoolsof Thought.
Albany:StateUniversityof NewYorkPress,1996.]
. "Developments
in Economicsas RealistSocialTheory."Reviewof Social
Economy,1996,54 (4), 405-422. [Reprinted
in S. Fleetwood(ed.),CriticalRealism
in Economics:Development
andDebate.London:Routledge,1999.]
- EconomicsandReality.London:Routledge,1997.
"CriticalIssuesinEconomicsas RealistSocialTheory."
Ekonomia,1998,1

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All use subject to JSTOR Terms and Conditions

14 JOURNALOF POST KEYNESIAN

ECONOMICS
(2), 75-117. [Reprintedin S. Fleetwood(ed.), CriticalRealismin Economics:Developmentand Debate. London:Routledge, 1999.]

Leamer,E.E.Specification
Searches:AdHocInferenceswithNon-Experimental
Data. New York: JohnWiley and Sons, 1978.
Parsons,S. "PostKeynesianRealism and Keynes' GeneralTheory."Journal of Post
KeynesianEconomics, 1996, 18 (3), 419-441.

This content downloaded from 217.43.176.228 on Mon, 17 Feb 2014 11:36:31 AM

All use subject to JSTOR Terms and Conditions