Post Keynesian Economics and Realist Philosophy

Comparing responses to critical realism

“…However, while Dunn argues in favour of developing methodology to assist dialogue and collaboration between schools of thought, Dow notes its usefulness in terms of delineating PKE and providing foundations for further analytical development. Rotheim (1999) adds to the discussion by clarifying the types of analysis and policy recommendations that Post Keynesians may undertake if they are to be consistent with critical realism. In doing so, he cites two potential dangers for Post Keynesians.…”

“…He concludes that there is significant discussion required to reconcile current Post Keynesian approaches to public policy with critical realism. Further, discussions among Post Keynesians may result in divergent paths for those committed to different approaches (Rotheim 1999).…”

Financialised internationalisation and structural hierarchies: a mixed-method study of exchange rate determination in emerging economies

“…(Dow 1999b) highlights that although not explicitly espousing CR, the content and the manner in which these authors present their methodological statements indicate a strong affinity with it. Arestis (1996), McKenna and Zannoni (1999), Rotheim (1999), Lee (2002), Dunn (2004), and most prominently Lawson (1994), argue that PK ontology is indeed a CR one. In this vein, Rotheim (1999) points out that insofar as PKs make it their analytical endeavour to uncover underlying mechanisms and processes, acknowledge the time and context specific and transformative actuation of economic agents, and aim to explain rather than predict, their research project can indeed be seen as CR.…”

The making of heterodox microeconomics

“…Mutually shared among heterodox economists, these common sense propositions provide the basis for its ontological realism foundation. [Wilber and Harrison 1978;Gruchy 1987;Lawson 1994Lawson , 1999aArestis 1996;Davidson 1996;Dow 1999Dow , 2001Downward 1999;Rotheim 1999] From the common sense propositions, heterodox economists conclude that the economy works in terms of causal-historical processes. Moreover, because they accept the ontological constraint implicit in this, a specific form of realism, critical realism, is the ontological basis of heterodox economics.…”

“…15 [Maki 1989[Maki , 1998bLovering 1990;Kanth 1992;Sayer 1992;Lloyd 1993;Lawson 1994Lawson , 1997aLawson , 1997bLawson , 1998aLawson , 1998bLawson , 1998cIngham 1996;Lawson, Peacock, and Pratten 1996;Wellman and Berkowitz 1997;Fleetwood 2001aFleetwood , 2001bHodgson 1998Hodgson , 2000Joseph 1998;Dow 1999;Downward 1999;Rotheim 1999] …”