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Causality and Determinism in Economics

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  • Drakopoulos, Stavros A
  • Torrance, Thomas S

Abstract

A great deal of recent methodological discussion in economics and econometrics has been dominated by the question of the appropriate role of the concepts of causality and determinism. This paper traces the evolution of these two notions in recent economics literature, and seeks to appraise the current range of professional opinion. Positively, the paper argues that since developments in twentieth-century microphysics have largely discredited the old deterministic paradigm within the physical sciences, the persistence of this paradigm in the social sciences must be viewed as scientifically untenable. Within economics, causality should be understood in the context of open systems and of inherently probabilistic explanations. Copyright 1994 by Scottish Economic Society.

Suggested Citation

  • Drakopoulos, Stavros A & Torrance, Thomas S, 1994. "Causality and Determinism in Economics," Scottish Journal of Political Economy, Scottish Economic Society, vol. 41(2), pages 176-193, May.
    • Handle: RePEc:bla:scotjp:v:41:y:1994:i:2:p:176-93
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    Cited by:

    1. Mariana Kaneva, 2019. "Telecommunications infrastructure and GDP /Jipp curve/," Economics and computer science, Publishing house "Knowledge and business" Varna, issue 1, pages 6-29.
    2. Bellino, Enrico & Nerozzi, Sebastiano, 2013. "Causality and interdependence in Pasinetti's works and in the modern classical approach," MPRA Paper 52179, University Library of Munich, Germany.
    3. Bellino , Enrico & Nerozzi, Sebastiano, 2015. "Causality and interdependence in Pasinetti’s works and in the modern classical approach," Centro Sraffa Working Papers CSWP10, Centro di Ricerche e Documentazione "Piero Sraffa".
    4. Erdal Atukeren, 2008. "Christmas cards, Easter bunnies, and Granger-causality," Quality & Quantity: International Journal of Methodology, Springer, vol. 42(6), pages 835-844, December.
    5. Piercarlo Frigero, 2017. "Reconsidering Communication Regarding Economic Phenomena. Some Hints from a Complexity Approach," Working papers 040, Department of Economics, Social Studies, Applied Mathematics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.

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