You are looking at 1 - 2 of 2 items

  • Author or Editor: Nuno Ornelas Martins x
Clear All Modify Search
You do not have access to this content

Nuno Ornelas Martins and Américo Mendes

You do not have access to this content

Nuno Ornelas Martins

In this chapter I address the critical realist critique of mainstream econometrics, and its implications for heterodox economics. Mainstream econometrics uses a methodology that presupposes constant conjunctions of the form ‘if event X then event Y’ and, unlike the classical economics and heterodox economics, isolates those constant conjunctions from the overall process of reproduction of socio-economic activity. The classical political economists, in contrast, were concerned with the reproduction and distribution of the surplus as a whole, and tried to describe this activity by focusing on objective and observable quantities. In so doing, the classical economists used a very different approach to measurement, following a realist method and theory, which has also been developed more recently by heterodox economists, and is consistent with the critical realist methodology too. I conclude that heterodox economists, rather than mainstream economists, are the true heirs of the social surplus approach initiated by the classical economists, who developed a perspective focused on the reproduction of socio-economic activity (as the classical authors also did), which is the central aspect to be addressed within economic and social theory according to the critical realist framework.