Phenomenology and heterodox economics

ABSTRACT

This paper proposes that the pluralistic tent of heterodox economics could be enhanced by accommodating phenomenological inquiry. After an overview of heterodox economics and why phenomenology could be relevant to this project, attention focuses on contributions to phenomenology by Edmund Husserl and Martin Heidegger. With this background, the historical evolution of hermeneutics is traced from the historicism of Wilhelm Dilthey to the search for universal truths in the human sciences by Hans-Georg Gadamer. Motivated by the hermeneutic phenomenology of Gadamer and Paul Ricoeur, the relationship of phenomenology to critical realism is critically examined. Substantive differences between phenomenological research methods and those used in orthodox economics are identified and used to illustrate how phenomenology could assist some heterodox economists in making substantive contributions that challenge the orthodoxy.

KEYWORDS:

• Phenomenology
• Heidegger
• Hans-Georg Gadamer
• critical realism
• hermeneutics

Disclosure statement

No potential conflict of interest was reported by the author.

Notes

1 On the notion of ‘direct empathetic perception’ in Husserl see Williams (2017).

2 Embree (1997) details various aspects of phenomenology listing seven different variants that do not include some of the methodological interpretations that have been given to this philosophical discipline in social sciences.

3 The approach to post-modernism in economics is reflected in Klaes (2008) where none of the philosophers relevant to post-modernism – Lyotard, Derrida, Foucault, Habermas – are mentioned. Among studies with some connection to phenomenology in economics: Barrett (1958); Harman (2010); Klump and Wörsdörfer (2011); Wrenn (2014); Talbot et al. (2015).

4 Dopfer (1986) is an early contribution on consciousness and causality, recognizing that ‘differences in the causality concepts of orthodox and heterodox economics are profound’.

5 As Beed (1991, p. 462) observes: ‘Positivist ideas have never formed a distinct, coherent whole; there never has been, nor is there now, a clearly defined “school of positivism”. Rather, positivism has reflected individual views about how human knowledge can be acquired’.

6 Because Heidegger addressed problems of language that confronted Husserl by developing a radically new set of language references, the text of Being and Time is difficult in German making the translation into English exceedingly complicated. As Kisiel (2006) documents, translation of some Heidegger texts has produced ‘disastrous’ results.

7 As Beed (1991, p. 462) observes: ‘Positivist ideas have never formed a distinct, coherent whole; there never has been, nor is there now, a clearly defined “school of positivism”. Rather, positivism has reflected individual views about how human knowledge can be acquired’.

8 The dual page references are to the 1962 translation of Being and Time by Maquarrie and Robinson. The first page reference refers to the actual text page in the translation while the second refers to the page number in the original 1927 German edition.

9 Among the sources that consider connections between aspects of hermeneutics with either orthodox or heterodox economics: Lavoie (1990, 2011); Gerrard (1991); Prychitko (1995); Crespo (2006); Mei (2011); and Harris (2016).

10 The role of Hermes in Greek mythology extends beyond being a messenger of the gods, to include the god of commerce, good luck, travel and protector of sacrifices.

11 As Jonathan Swift queried in the opening stanza of ‘The Bubble’: ‘Ye wise philosophers explain, What Magick makes our Money rise’.

12 Other examples of studies employing phenomenological research methods relevant to different strands of heterodox economics include: Arslan (2013) on experiences of being homeless; Sorsa and $\acute{\text{Å}}$stedt-Kurki (2013) on mothers with mental-illness and drug addiction; and, Bauger (2016) on well-being in retirement. Oksala (2004) details feminist phenomenology.

Additional information

Notes on contributors

Geoffrey Poitras

Geoffrey Poitras, is Professor of Finance and member of the Graduate Liberal Studies program at Simon Fraser University.