Edited by Frederic S. Lee and Bruce Cronin
Chapter 11: Critical realism, econometrics, and heterodox economics
AbstractIn 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.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.