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Some Reflections on Methodology of Critical Realism

Author

Listed:
  • Lukas Maslo

    (Department of Economics, Faculty of Economics, University of Economics, Prague)

  • Zdenek Chytil

    (Department of Economics, Faculty of Economics, University of Economics, Prague)

Abstract

The subject matter of this paper is the controversy about realism of assumptions from the perspective of critical realism. The authors apply the notional apparatus of philosophical logic to clarify the essence of this controversy. By means of translating the often ambivalent and sometimes mysterious terms of Jespersen (2009) into the straightforward language of classical philosophy, they authors make an effort to tear down some of the barriers of the inter-paradigmatic controversies about methodology. The conclusion is drawn that as long as the assumptions of a model affect but the accidentia logica of the model?s constituting notions, the formalist stand can be taken and Friedman?s instrumentalist approach will be justifiable; as soon as the assumptions of a model affect the differentiae specificae of the model?s constituting notions, the substantivist stand must be taken and Friedman?s instrumentalist approach fails. Finally, the authors assert that the Post-Keynesian notion of critical realism is much more compatible with the perception thereof as a genus that the perception thereof as a species.

Suggested Citation

  • Lukas Maslo & Zdenek Chytil, 2016. "Some Reflections on Methodology of Critical Realism," Proceedings of Economics and Finance Conferences 3205937, International Institute of Social and Economic Sciences.
  • Handle: RePEc:sek:iefpro:3205937
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    References listed on IDEAS

    as
    1. Paul Davidson, 1991. "Is Probability Theory Relevant for Uncertainty? A Post Keynesian Perspective," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 129-143, Winter.
    2. Setterfield, Mark, 1998. "Adjustment Asymmetries and Hysteresis in Simple Dynamic Models," The Manchester School of Economic & Social Studies, University of Manchester, vol. 66(3), pages 283-301, June.
    3. Paul Davidson, 2009. "Can future systemic financial risks be quantified? Ergodic vs nonergodic stochastic processes," Brazilian Journal of Political Economy, Center of Political Economy, vol. 29(4), pages 324-340.
    4. Paul Davidson, 1996. "Reality and Economic Theory," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 18(4), pages 479-508, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    critical realism; differentia specifica; essentia generica; accidens logicum; ontology; epistemology;
    All these keywords.

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy

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