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Critical Realism as an Ontological Basis of Post-Keynesianism

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  • Lukáš Kovanda
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    Abstract

    In the following text we introduce those approaches to the methodology of economics that are relevant from the perspective of post-Keynesianism. After a partially historical outline of philosophical and methodological stances of John Maynard Keynes and Nicholas Kaldor we attempt to shed some light on a more recent methodological concept, critical realism. This approach is in one way or in other influenced by the two economists´ ideas in the realm, as well as some other post-Keynesians. We argue that this, originally heterodox, concept has had an ambition not only to operate as an alternative to the methodology of mainstream, orthodox economics, but to substitute it and thus, proponents say, make economics as such more relevant.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Politická ekonomie.

    Volume (Year): 2010 (2010)
    Issue (Month): 5 ()
    Pages: 608-622

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    Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:5:id:750:p:608-622

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    Related research

    Keywords: post-Keynesianism; orthodoxy; Nicholas Kaldor; methodology of economics; mainstream; heterodoxy; critical realism;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Robert McMaster & Craig Watkins, 2006. "Economics and underdetermination: a case study of urban land and housing economics," Cambridge Journal of Economics, Oxford University Press, vol. 30(6), pages 901-922, November.
    2. Tony Lawson, 2006. "The nature of heterodox economics," Cambridge Journal of Economics, Oxford University Press, vol. 30(4), pages 483-505, July.
    3. Paul Downward & Andrew Mearman, 2007. "Retroduction as mixed-methods triangulation in economic research: reorienting economics into social science," Cambridge Journal of Economics, Oxford University Press, vol. 31(1), pages 77-99, January.
    4. Baert, Patrick, 1996. "Realist Philosophy of the Social Sciences and Economics: A Critique," Cambridge Journal of Economics, Oxford University Press, vol. 20(5), pages 513-22, September.
    5. Kaldor, Nicholas, 1975. "What Is Wrong with Economic Theory," The Quarterly Journal of Economics, MIT Press, vol. 89(3), pages 347-57, August.
    6. Peter, Fabienne, 2001. "Rhetoric vs Realism in Economic Methodology: A Critical Assessment of Recent Contributions," Cambridge Journal of Economics, Oxford University Press, vol. 25(5), pages 571-89, September.
    7. Fleetwood, Steve, 1996. "Order without Equilibrium: A Critical Realist Interpretation of Hayek's Notion of Spontaneous Order," Cambridge Journal of Economics, Oxford University Press, vol. 20(6), pages 729-47, November.
    8. Nuno Martins, 2006. "Capabilities as causal powers," Cambridge Journal of Economics, Oxford University Press, vol. 30(5), pages 671-685, September.
    9. Chick, Victoria & Dow, Sheila C, 2001. "Formalism, Logic and Reality: A Keynesian Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 25(6), pages 705-21, November.
    10. K. Vela Velupillai, 2004. "The unreasonable ineffectiveness of mathematics in economics," Department of Economics Working Papers 0406, Department of Economics, University of Trento, Italia.
    11. Adam Martin, 2009. "Critical realism and the Austrian paradox," Cambridge Journal of Economics, Oxford University Press, vol. 33(3), pages 517-530, May.
    12. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-55, December.
    13. Luigi L. Pasinetti, 2005. "The Cambridge School of Keynesian Economics," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 837-848, November.
    14. Dow, Sheila C, 1997. "Mainstream Economic Methodology," Cambridge Journal of Economics, Oxford University Press, vol. 21(1), pages 73-93, January.
    15. Boylan, Thomas A & O'Gorman, Paschal, 1997. "Kaldor on Method: A Challenge to Contemporary Methodology," Cambridge Journal of Economics, Oxford University Press, vol. 21(4), pages 503-17, July.
    16. Steve Fleetwood, 2002. "Boylan and O'Gorman's causal holism: a critical realist evaluation," Cambridge Journal of Economics, Oxford University Press, vol. 26(1), pages 27-45, January.
    17. Setterfield, Mark, 1998. "History versus Equilibrium: Nicholas Kaldor on Historical Time and Economic Theory," Cambridge Journal of Economics, Oxford University Press, vol. 22(5), pages 521-37, September.
    18. Davis, John B, 1999. "Common Sense: A Middle Way between Formalism and Post-Structuralism?," Cambridge Journal of Economics, Oxford University Press, vol. 23(4), pages 503-15, July.
    19. Lawson, Tony, 1989. "Abstraction, Tendencies and Stylised Facts: A Realist Approach to Economic Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 59-78, March.
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