Economy

Applied Economics: A Critical Realist Approach (Routledge by Paul Downward

By Paul Downward

This fascinating new ebook examines and analyses the position of severe realism in economics and in particular how this line of inspiration might be utilized to the true international. With contributions from such various commentators as Sheila Dow, Wendy Olsen and Fred Lee, this new booklet is exclusive in its strategy and may be of significant curiosity to either financial methodologists and people inquisitive about utilized fiscal experiences.

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Additional resources for Applied Economics: A Critical Realist Approach (Routledge Frontiers of Political Economy)

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One does not need critical realism merely to show that mainstream economics is preoccupied with quantification and is unable to (meaningfully) deal with the kind of qualitative issues that arise when investigating atypical employment: this is a well-known criticism. e. With a critical realist perspective, however, the explanation ceases to be ad hoc. Once deductivism is adopted, and with it the commitment to closed systems, framing theoretical concepts in quantitative terms becomes almost irresistible, whilst framing them in qualitative terms becomes almost impossible.

Critical realist philosophy thus constitutes an application of reason to how we understand the world in order to build knowledge about it. Thus, while critical realist philosophy is applied in a ‘top-down’ way, it has itself been developed in a ‘bottom-up’ way. A challenge which lies ahead is to treat critical realist philosophy itself as an open system, open to further lessons learned from practice. A particularly controversial element of practice is econometrics. It has been forcefully argued, notably by Lawson (1997), that econometric techniques lack any justification when applied to an open social system, since they require closure in the aspect of the real world under study.

Paraphrasing Sengenberger quoted earlier one could argue that ‘partial lack of work, in the form of poor quality underemployment or atypical employment, is not accounted for in unemployment statistics at all’. In sum, connecting the critical realist discussion of methodology to the discussion of the quality of changing nature of employment throws up two problems for mainstream labour economics. 16 Second, as the critical realist critique has established, as long as mainstream economics remains wedded to deductivism it cannot (in any meaningful sense) take this qualitative transformation into account.

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