Psychology finds itself faced with a paradox owing to epistemological and extraepistemological considerations. The paradox in question stems from the problem of discovery, which some consider to be the life-blood of science (Hanson, 1965). It is argued that psychology, in virtue of its strict hypotheticalism and its faithful adherence to scientific conventionality, has virtually foreclosed the possibility of discovery in its own practice. Moreover, its scientistic character has, ironically, rendered it less scientific. Furthermore, in light of its ambiguous philosophical underpinning, namely, the assumption of positivism and scientific realism, inter alia, psychology has tended to disqualify other competing, perhaps more authentic, epistemologies out of hand; consequently, it has generated very little coherent theory. Psychology's extant failure to disambiguate its fundamental postulates, combined with its relative methodological exclusivity, has rendered it somewhat blind to its past and augurs poorly for its future. Finally, transcendental realism (Bhaskar, 1978) is discussed as possibly a more apposite philosophical substrate which, if understood and faithfully applied, would liberalize psychology epistemologically and render it more philosophically coherent.