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Critical Realism as an Ontological Basis of Post-Keynesianism

  • Lukáš Kovanda
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    In the following text we introduce those approaches to the methodology of economics that are relevant from the perspective of post-Keynesianism. After a partially historical outline of philosophical and methodological stances of John Maynard Keynes and Nicholas Kaldor we attempt to shed some light on a more recent methodological concept, critical realism. This approach is in one way or in other influenced by the two economists´ ideas in the realm, as well as some other post-Keynesians. We argue that this, originally heterodox, concept has had an ambition not only to operate as an alternative to the methodology of mainstream, orthodox economics, but to substitute it and thus, proponents say, make economics as such more relevant.

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    Article provided by University of Economics, Prague in its journal Politická ekonomie.

    Volume (Year): 2010 (2010)
    Issue (Month): 5 ()
    Pages: 608-622

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    Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:5:id:750:p:608-622
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    1. K. Vela Velupillai, 2004. "The Unreasonable Ineffectiveness of Mathematics in Economics," Working Papers 0080, National University of Ireland Galway, Department of Economics, revised 2004.
    2. Adam Martin, 2009. "Critical realism and the Austrian paradox," Cambridge Journal of Economics, Oxford University Press, vol. 33(3), pages 517-530, May.
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    17. Fleetwood, Steve, 1996. "Order without Equilibrium: A Critical Realist Interpretation of Hayek's Notion of Spontaneous Order," Cambridge Journal of Economics, Oxford University Press, vol. 20(6), pages 729-47, November.
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