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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.

Suggested Citation

  • Steve Fleetwood, 2001. "Causal Laws, Functional Relations and Tendencies," Review of Political Economy, Taylor & Francis Journals, vol. 13(2), pages 201-220.
    • Handle: RePEc:taf:revpoe:v:13:y:2001:i:2:p:201-220
    DOI: 10.1080/09538250120036646
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    Cited by:

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    3. Steve Fleetwood, 2005. "A critical realist reply to Walters & Young," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 587-600.
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    5. Paul Lewis, 2008. "Solving the “Lachmann Problem”: Orientation, Individualism, and the Causal Explanation of Socioeconomic Order," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(5), pages 827-857, November.
    6. Tysiachniouk, Maria & McDermott, Constance L., 2016. "Certification with Russian characteristics: Implications for social and environmental equity," Forest Policy and Economics, Elsevier, vol. 62(C), pages 43-53.
    7. Thanos Fragkandreas, 2021. "Innovation Systems and Income Inequality: In Search of Causal Mechanisms," Working Papers 56, Birkbeck Centre for Innovation Management Research, revised Nov 2021.
    8. Thanos Fragkandreas, 2023. "Case study research on innovation systems: paradox, dialectical analysis and resolution," Working Papers 65, Birkbeck Centre for Innovation Management Research, revised 15 May 2023.
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    11. François-Xavier de Vaujany & Nathalie Mitev & Matthew Smith & Isabelle Walsh, 2017. "Renewing Literature Reviews in MIS Research? A Critical Realist Approach," Working Papers hal-01648133, HAL.

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