A realist interpretation of Schumpeter’s Business Cycles
Abstract
This essay examines Joseph A. Schumpeter’s Business Cycles to present its theoretical consistency through the lens of critical realism. The essay demonstrates that the ontological presuppositions of Business Cycles share significant characteristics with those of critical realism, such as open-system thinking and stratified ontology. Additionally, the essay explores Schumpeter’s idea of science and its relationship with critical realism, highlighting his retroductive reasoning in Business Cycles and arguing that his approach is best understood as methodological pluralism. Finally, the essay concludes that Business Cycles is consistent with critical realism and suggests future research directions.
Fields of Study & Subjects
Critical Realism in Sociology
Economic Theory and Institutions
Philosophy of Biology and Scientific Explanation
Publication details
- Journal / source
- Journal of Critical Realism
- Volume
- 25
- Issue
- 3
- Pages
- 330–349
- Publication date
- 16 March 2026
- Language
- EN