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Some Claims Made for Critical Realism in Economics: Two Case Studies

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Abstract

The article critically examines claims made by two prominent critical realists on behalf of their philosophy — on the Marx’s law of the tendency of the rate of profit to fall and on the workplace organization theory of the relative decline of the British economy. These two case studies raise important questions concerning critical realism in economics. The character of critical realism as a movement is also analyzed.

Suggested Citation

  • G. Hodgson., 2006. "Some Claims Made for Critical Realism in Economics: Two Case Studies," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 7.
  • Handle: RePEc:nos:voprec:2006-07-3
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    1. Stephanie Blankenburg & Clive Lawson & Tony Lawson & Paul Lewis & Stephen Pratten & Jochen Runde, 2002. "Introduction," Cambridge Journal of Economics, Oxford University Press, vol. 26(6), pages 679-681, November.
    2. Hodgson, Geoff, 1989. "Institutional Rigidities and Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 79-101, March.
    3. Blaug,Mark, 1997. "Economic Theory in Retrospect," Cambridge Books, Cambridge University Press, number 9780521577014, April.
    4. Bernard Walters & David Young, 1999. "Is Critical Realism the Appropriate Basis for Post Keynesianism?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 22(1), pages 105-123, September.
    5. Downward, Paul, 2000. "A Realist Appraisal of Post-Keynesian Pricing Theory," Cambridge Journal of Economics, Oxford University Press, vol. 24(2), pages 211-224, March.
    6. Marina Colonna & Harald Hagemann, 1995. "The Economics of F.A. Hayek," Books, Edward Elgar Publishing, volume 0, number 101.
    7. Kilpatrick, Andrew & Lawson, Tony, 1980. "On the Nature of Industrial Decline in the UK," Cambridge Journal of Economics, Oxford University Press, vol. 4(1), pages 85-102, March.
    8. Runde, Jochen, 1998. "Assessing Causal Economic Explanations," Oxford Economic Papers, Oxford University Press, vol. 50(2), pages 151-172, April.
    9. Baert, Patrick, 1996. "Realist Philosophy of the Social Sciences and Economics: A Critique," Cambridge Journal of Economics, Oxford University Press, vol. 20(5), pages 513-522, September.
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