This paper draws upon critical realism to argue that the widespread use of functional relations and laws in economics is misconceived. This misconception stems from the inappropriate use of a deductivist mode of theorising; an empirical realist ontology; and a notion of causality as mere...

In a contribution to this journal, Bernard Walters & David Young offer a brief sketch of critical realism and three objections to it. This reply starts with three points of clarification to their sketch before going on to tackle their objections.