Abstract
The AMR Decade Award for Shane and Venkataraman's (2000) “The Promise of Entrepreneurship As a Field of Research” recently stimulated a number of commentaries around the burning issue of “entrepreneurial opportunities” (Eckhardt & Shane, 2013; Shane, 2012; Venkataraman, Sarasvathy, Dew, & Forster, 2012). Among them, Alvarez and Barney (2013) extend their earlier analyses on the philosophical foundations of entrepreneurial opportunities (Alvarez & Barney, 2007, 2010) to critique the “critical realist” underpinnings of the discovery approach to entrepreneurship1 because of critical realism's alleged unsuitability for understanding the nature of opportunities. Our intention here is to explain why germane conceptions of critical realism are grounded on a misreading of realist philosophy of science that, as a matter of fact, subverts the very raison-d'etre of realism2 and perpetuates popular misunderstandings.
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