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Causal Laws, Functional Relations and Tendencies

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Steve Fleetwood
Abstract

This paper draws upon critical realism to argue that the widespread use of functional relations and laws in economics is misconceived. This misconception stems from the inappropriate use of a deductivist mode of theorising; an empirical realist ontology; and a notion of causality as mere regularity or constant conjunction, all of which are associated with functional relations and laws. Not only does critical realism identify the cause of the misconception, it sustains an alternative causal/explanatory mode of theorising; a stratified ontology; a notion of causality as powers; and an alternative notion of law as tendency. Marx's ideas on the tendencies to employment and unemployment are used as an example of economic theory consistent with these alternatives.

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Article provided by Taylor and Francis Journals in its journal Review of Political Economy.

Volume (Year): 13 (2001)
Issue (Month): 2 (April)
Pages: 201-220
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Handle: RePEc:taf:revpoe:v:13:y:2001:i:2:p:201-220

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References listed on IDEAS
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.:

  1. Dennis, Ken, 1995. "A Logical Critique of Mathematical Formalism in Economics," Journal of Economic Methodology, Taylor and Francis Journals, vol. 2(2), pages 181-99, December.
  2. Layard, R. & Nickell, S., . "Layard-Nickell," Instructional Stata datasets for econometrics layardnickell, Boston College Department of Economics. [Downloadable!]
  3. Shapiro, Carl & Stiglitz, Joseph E, 1984. "Equilibrium Unemployment as a Worker Discipline Device," American Economic Review, American Economic Association, vol. 74(3), pages 433-44, June. [Downloadable!] (restricted)
  4. Pencavel, John, 1991. "Prospects for Economics," Economic Journal, Royal Economic Society, vol. 101(404), pages 81-87, January. [Downloadable!] (restricted)
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  1. Filipe J. Sousa & Luís M. de Castro, 2008. "How is the relationship significance brought about? A critical realist approach," FEP Working Papers 282, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
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