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Economics as progress: the LSE approach to econometric modelling and critical realism as programmes for research

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  • Stephen Pratten

Abstract

In the face of claims that economics is increasingly driven merely by fashion, this paper draws out certain similarities and differences between two self-consciously progressive and developmental research programmes--namely the LSE approach to econometric modelling and critical realism in economics. The argument is that, while these two programmes of research share a common point of departure and possess many common elements, what at root distinguishes them is their adoption of opposing philosophical orientations. The comparison enables both the nature of each programme, and the relevance of their common concerns, to be more easily appreciated and helps clarify the sort of evidence that would provide a basis for selecting one project over the other. Copyright 2005, Oxford University Press.

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  • Stephen Pratten, 2005. "Economics as progress: the LSE approach to econometric modelling and critical realism as programmes for research," Cambridge Journal of Economics, Oxford University Press, vol. 29(2), pages 179-205, March.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:2:p:179-205
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    File URL: http://hdl.handle.net/10.1093/cje/bei030
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    Cited by:

    1. Aleksandra Kuzior & Aleksy Kwilinski & Ihor Hroznyi, 2021. "The Factorial-Reflexive Approach to Diagnosing the Executors’ and Contractors’ Attitude to Achieving the Objectives by Energy Supplying Companies," Energies, MDPI, vol. 14(9), pages 1-16, April.
    2. Andrew Mearman, 2006. "Critical realism in economics and open-systems ontology: A critique," Review of Social Economy, Taylor & Francis Journals, vol. 64(1), pages 47-75.
    3. Fulvio Castellacci, 2006. "A critical realist interpretation of evolutionary growth theorising," Cambridge Journal of Economics, Oxford University Press, vol. 30(6), pages 861-880, November.
    4. Nuno Ornelas Martins & Ricardo Morais, 2015. "The influence of critical realism on managerial prediction," Working Papers de Gestão (Management Working Papers) 02, Católica Porto Business School, Universidade Católica Portuguesa.

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