A Realist Philosophy of Economics
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A realistic economics may take as some of its empirical content the institutions of an economy. In neo-classical economics, in contradistinction, it is the choices of individuals that constitute the empirical content of theory. Institutions and choices, however, belong to two different orders of fact, according to the conceptual framework developed in this book.
A realistic economics may take as some of its empirical content the institutions of an economy. In neo-classical economics, in contradistinction, it is the choices of individuals that constitute the empirical content of theory. Institutions and choices, however, belong to two different orders of fact, according to the conceptual framework developed in this book. Choices belong to the ex post order of facts, and institutions belong to the ex ante order of facts. The former are mere records of past events, whereas the latter have to do with structure and causation. Economic theory presents preferences as if they were in the nature of ex ante facts, giving rise to choices, but in the absence of observing preferences, it infers them from the choices. Accordingly, the empirical content of economics are in the nature of ex post facts. Preferences are ex ante facts to the operating individual, but to the observing theorist, they are in the domain of ex post facts. This book shows how a confusion between ex post and ex ante facts has manifested itself in micro-economics.
Karl Hermann Martin Mittermaier (1938–2016) immigrated to South Africa from Berlin, East Germany in 1949. He was a descendant of the great German jurist Karl Joseph Anton Mittermaier (1787–1867). Karl obtained his BCom (1959), BA (1961) and BA(Honours) (1963) all from the University of Cape Town and his PhD (1988) from the University of the Witwatersrand, Johannesburg.
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