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Economics as progress: the LSE approach to econometric modelling and critical realism as programmes for research
* King's College, London
Address for correspondence: King's College, London, Franklin-Wilkins Building, 150 Stamford Street, London SE1 9NN, UK; email: stephen.pratten{at}kcl.ac.uk.
In the face of claims that economics is increasingly driven merely by fashion, this paper draws out certain similarities and differences between two self-consciously progressive and developmental research programmes—namely the LSE approach to econometric modelling and critical realism in economics. The argument is that, while these two programmes of research share a common point of departure and possess many common elements, what at root distinguishes them is their adoption of opposing philosophical orientations. The comparison enables both the nature of each programme, and the relevance of their common concerns, to be more easily appreciated and helps clarify the sort of evidence that would provide a basis for selecting one project over the other.
Key Words: Realism • Econometrics • Ontology
JEL classifications: B4, B5, C5
Manuscript received July 16, 2001; final version received June 2, 2003.
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