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Assessing Causal Economic Explanations

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  • Runde, Jochen

Abstract

Recent years have witnessed a growing interest in causal realism in the methodology of economics. Some of this literature reflects a strong skepticism about the existence of sharp event-regularities or 'laws' in the economic realm and, accordingly, about the prospects for the covering-law approach to explanation that dominates modern economic theory. This paper outlines an alternative, causal, approach to economic explanation and attempts to answer an important question often asked about it: how should causal economic explanations be assessed? Copyright 1998 by Royal Economic Society.

Suggested Citation

  • Runde, Jochen, 1998. "Assessing Causal Economic Explanations," Oxford Economic Papers, Oxford University Press, vol. 50(2), pages 151-172, April.
    • Handle: RePEc:oup:oxecpp:v:50:y:1998:i:2:p:151-72
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    Cited by:

    1. G. Hodgson, 2006. "Some Claims Made for Critical Realism in Economics: Two Case Studies," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 7.
    2. Sheila C. Dow, 2012. "Variety of Methodological Approach in Economics," Palgrave Macmillan Books, in: Foundations for New Economic Thinking, chapter 13, pages 210-230, Palgrave Macmillan.
    3. Jörg Bibow & Paul Lewis & Jochen Runde, 2005. "Uncertainty, Conventional Behavior, and Economic Sociology," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(2), pages 507-532, April.
    4. Kieran P. Donaghy, 2022. "A Circular Economy Model of Economic Growth with Circular and Cumulative Causation and Trade," Networks and Spatial Economics, Springer, vol. 22(3), pages 461-488, September.
    5. Jochen Runde, 2001. "On Stephen Parsons' Philosophical Critique of Transcendental Realism," Review of Political Economy, Taylor & Francis Journals, vol. 13(1), pages 101-114.
    6. Gregor Zwirn, 2009. "Ludwig von Mises on the epistemological foundation for social sciences reconstructed," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 22(1), pages 81-107, March.
    7. Lee, Frederic, 2011. "The making of heterodox microeconomics," MPRA Paper 30907, University Library of Munich, Germany.
    8. Paul Jackson & Jochen Runde & Philip Dobson & Nancy Richter, 2016. "Identifying mechanisms influencing the emergence and success of innovation within national economies: a realist approach," Policy Sciences, Springer;Society of Policy Sciences, vol. 49(3), pages 233-256, September.
    9. Thanos Fragkandreas, 2021. "Innovation Systems and Income Inequality: In Search of Causal Mechanisms," Working Papers 56, Birkbeck Centre for Innovation Management Research, revised Nov 2021.
    10. Bernard Walters & David Young, 2001. "Critical Realism as a Basis for Economic Methodology: A critique," Review of Political Economy, Taylor & Francis Journals, vol. 13(4), pages 483-501.
    11. Lewis, Paul & Runde, Jochen, 2007. "Subjectivism, social structure and the possibility of socio-economic order: The case of Ludwig Lachmann," Journal of Economic Behavior & Organization, Elsevier, vol. 62(2), pages 167-186, February.
    12. Hearnshaw, Edward J.S. & Cullen, Ross & Hughey, Kenneth F.D., 2006. "An Emergent Economics of Ecosystem Management," 2006 Conference, August 24-25, 2006, Nelson, New Zealand 31957, New Zealand Agricultural and Resource Economics Society.
    13. Paul Lewis, 2005. "Boettke, The Austrian School and the Reclamation of Reality in Modern Economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(1), pages 83-108, January.

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