On the Ontological Turn in Economics: The Promises of Agent-Based Computational Economics. Issue 3 (June 2020)

• Record Type: Journal Article
• Authors: Chen, Shu-Heng
• Other Names: Cheung Chor-yung guest-editor.; Di Iorio Francesco guest-editor.; Dumouchel Paul guest-editor.; Gotoh Reiko guest-editor.; Tamthai Mark guest-editor.; Yoshida Kei guest-editor.
• Is Part Of: Philosophy of the social sciences. Volume 50:Issue 3(2020)
• Page Start: 238
• Page End: 259
• Publication Date: 2020-06
• Subjects: ontological turn -- agent-based modeling -- autonomous agents -- social interaction -- micro-macro link; Social sciences -- Periodicals; Social sciences -- Methodology -- Periodicals; Sciences sociales -- Périodiques; Sciences sociales -- Méthodologie -- Périodiques; 300.1
• DOI: 10.1177/0048393120917641
• Languages: English
• ISSNs: 0048-3931

Abstract

This article argues that agent-based modeling (ABM) is the methodological implication of Lawson's championed ontological turn in economics. We single out three major properties of agent-based computational economics (ACE), namely, autonomous agents, social interactions, and the micro-macro links, which have been well accepted by the ACE community. We then argue that ACE does make a full commitment to the ontology of economics as proposed by Lawson, based on his prompted critical realism. Nevertheless, the article also points out the current limitations or constraints of ACE. Efforts to overcome them are deemed to be crucial before ACE can make itself more promising to the current ontological turn in economics.