Critical Realism and the Political Economy of the Euro
AbstractThis paper is concerned with two issues. First, it discusses some of the main problems and inferences the methodological approach of critical realism raises for empirical work in economics, while considering an approach adopted to try to overcome these problems. Second, it provides a concrete illustration of these arguments, with reference to our recent research project analyzing the single European currency. It is argued that critical realism provides a method that is partially appropriate to concrete levels of analysis, as illustrated by the attempt to explain the falling value of the euro. It is concluded that the critical realist method is inappropriate to the most abstract and fundamental levels of theory.
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Bibliographic InfoPaper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number wp_352.
Date of creation: Sep 2002
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Web page: http://www.levyinstitute.org
Other versions of this item:
- Philip Arestis & Andrew Brown & Malcolm Sawyer, 2002. "Critical Realism and the Political Economy of the Euro," Method and Hist of Econ Thought 0209001, EconWPA.
- F0 - International Economics - - General
- F11 - International Economics - - Trade - - - Neoclassical Models of Trade
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- Andrew Brown & Gary Slater & David A. Spencer, 2002. "Driven to abstraction? Critical realism and the search for the 'inner connection' of social phenomena," Cambridge Journal of Economics, Oxford University Press, vol. 26(6), pages 773-788, November.
- Roy J. Rotheim, 1999. "Post Keynesian Economics and Realist Philosophy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 22(1), pages 71-103, October.
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