Presents a collection of articles previously published in the Review of Social Economy (1996) and in Ekonomia (1997). These articles extend insights from critical realism into the fields of economic methodology and economic theory in such a way as to open up new forms of investigation in economics and transform the nature of economic reasoning. It is argued that the specific value of this approach is that it directs attention to the structures and capacities that explain the observed phenomena of economic life. This volume includes papers from authors critical of this approach, as well as from those who discuss its full implications for contemporary economics. Paper edition (19568-3), $27.99. Annotation copyrighted by Book News, Inc., Portland, OR

This book throws light onto the nature and causes of three different but strongly interconnected crises in contemporary societies worldwide: an economic crisis, an ecological crisis and a normative (moral and political) crisis. These crises are reflected in the profoundly inequitable distribution of wealth, resources and life opportunities around the world. If we follow the causal roots of these crises, we are led back to an inherent dynamic in the capitalist economic system itself, discursively expressed as neoclassical, mainstream economics. For instance, by conflating human needs with market demand, mainstream economics disregards the needs of those who do not have sufficient purchasing power, as well as any needs that cannot be quantified or monetised in some way. Mainstream economics also ignores the notion of natural limits. Furthermore, it seems that everything that is quantifiable is potentially for sale and this results in the substitution of nature, indigenous cultural traditions and various life forms with commodities and ‘human capital’. The latter is defined as the skills instrumental for continual economic growth. Besides critiquing the academic discipline of economics, this book also points to a number of dysfunctional and crisis-prone structures and practices of substantive economic life. It will be of interest to students and scholars working in philosophy, economics and environmental studies.

Since becoming formally established with an international academic society in the late 1980s, ecological economics has advanced understanding of the interactions between social and biophysical reality. It initially combined questioning of the basis of mainstream economics with a concern for environmental degradation and limits to growth, but has now advanced well beyond critique into theoretical, analytical and policy alternatives. Social ecological economics and transformation to an alternative future now form core ideas in an interdisciplinary approach combining insights from a range of disciplines including heterodox economics, political ecology, sociology, political science, social psychology, applied philosophy, environmental ethics and a range of natural sciences. This handbook, edited by a leading figure in the field, demonstrates the dynamism of ecological economics in a wide-ranging collection of state-of-the-art essays. Containing contributions from an array of international researchers who are pushing the boundaries of the field, the Routledge Handbook of Ecological Economics showcases the diversity of the field and points the way forward. A critical analytical perspective is combined with realism about how economic systems operate and their essential connection to the natural world and society. This provides a rich understanding of how biophysical reality relates to and integrates with social reality. Chapters provide succinct overviews of the literature covering a range of subject areas including: heterodox thought on the environment; society, power and politics, markets and consumption; value and ethics; science and society; methods for evaluation and policy analysis; policy challenges; and the future post-growth society. The rich contents dispel the myth of there being no alternatives to current economic thought and the political economy it supports. The Routledge Handbook of Ecological Economics provides a guide to the literature on ecological economics in an informative and easily accessible form. It is essential reading for those interested in exploring and understanding the interactions between the social, ecological and economic and is an important resource for those interested in fields such as: human ecology, political ecology, environmental politics, human geography, environmental management, environmental evaluation, future and transition studies, environmental policy, development studies and heterodox economics.

This volume extends its insights into the fields of economic methodology and economic theory in such a way as to open up new forms of investigation in economics and transform the nature of economic reasoning.

This new textbook offers a succinct yet broad introduction to critical realism, an increasingly popular approach to the philosophy of science that provides a holistic alternative to both positivism and postmodernism. This text sets out the central concepts, arguments and understandings in critical realism and relates them to social scientific practice. In addition to answering the question 'what is critical realism?', the authors consider critical realism in light of two crucial themes in contemporary society – neoliberalism and climate change – which run as common threads throughout the chapters. While some introductions to the topic focus exclusively on the work of Roy Bhaskar – critical realism's best-known proponent – this text covers a much wider range of thinkers and social researchers, and also features Key Concept boxes and CR in Action boxes throughout to aid the reader through this complex yet rewarding subject. This text is the perfect entry point for all those studying critical realism for the first time, or for those seeking to re-familiarise themselves with this approach. Whether you're studying critical realism as part of a broader course on the philosophy of science or seeking to apply critical realist methods to a particular research project, this book is essential reading for the social sciences, humanities and beyond.

This book examines the relationship between critical realism and Marxism. The authors argue that critical realism and Marxism have much to gain from each other. This is the first book to address the controversial debates between critical realism and Marxism, and it does so from a wide range if disciplines. The authors argue that whilst one book cannot answer all the questions about the relationship between critical realism and Marxism, this book does provide some significant answers. In doing so, Critical Realism and Marxism reveals a potentially fruitful relationship; deepens our understanding of the social world and makes an important contribution towards eliminating the barbarism that accompanies contemporary capitalism.

This monograph critically reviews and updates real estate valuation theory, which is based on neoclassical economics, in light of developments in heterodox economic theory. Building on a comprehensive historical account of the evolution of value theory, the book uses new institutional economics theory and critical realism as lenses through which problems in standard valuation theory and practice are expatiated, and as the foundation for an alternative theory. The new theory is employed to explain major problems in real estate valuation that are beyond the capability of the standard theory, such as price bubbles in real estate markets, anchoring bias, client influence and valuation under uncertain market conditions.