Pragmatism, critical realism and the study of value

This paper examines the relationship between pragmatism and critical realism, first as alternative philosophies for the social sciences in general, and second, as an illustration, in the social study of monetary valuation. The paper argues that both traditions are internally diverse. Hence, the relations between the two are complex, with both substantial overlaps and real differences revealed in encounters between them. Perhaps the most significant difference is pragmatism’s distrust of invocations of structural power in social explanations, whereas realism encourages them, in interaction with other explanatory elements. The paper problematizes claims that recent work in the study of value is predominantly pragmatist. Nevertheless, it argues that pragmatist influence has encouraged valuation studies to focus on the micro level at the expense of the macro. From a realist perspective, however, there is much to be gained from an approach that embraces both micro and macro levels and the relations between them.