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Causal Laws, Functional Relations and Tendencies

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  • Steve Fleetwood

Abstract

This paper draws upon critical realism to argue that the widespread use of functional relations and laws in economics is misconceived. This misconception stems from the inappropriate use of a deductivist mode of theorising; an empirical realist ontology; and a notion of causality as mere regularity or constant conjunction, all of which are associated with functional relations and laws. Not only does critical realism identify the cause of the misconception, it sustains an alternative causal/explanatory mode of theorising; a stratified ontology; a notion of causality as powers; and an alternative notion of law as tendency. Marx's ideas on the tendencies to employment and unemployment are used as an example of economic theory consistent with these alternatives.

Suggested Citation

  • Steve Fleetwood, 2001. "Causal Laws, Functional Relations and Tendencies," Review of Political Economy, Taylor & Francis Journals, vol. 13(2), pages 201-220.
    • Handle: RePEc:taf:revpoe:v:13:y:2001:i:2:p:201-220
    DOI: 10.1080/09538250120036646
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    1. Tony Lawson, 1997. "Critical Issues in Economics as Realist Social Theory," Ekonomia, Cyprus Economic Society and University of Cyprus, vol. 1(2), pages 75-117, Winter.
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    4. Hausman,Daniel M., 1992. "The Inexact and Separate Science of Economics," Cambridge Books, Cambridge University Press, number 9780521415019, December.
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    Cited by:

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    3. 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.
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    5. Filipe J. Sousa & Luís M. de Castro, 2008. "How is the relationship significance brought about? A critical realist approach," FEP Working Papers 282, Universidade do Porto, Faculdade de Economia do Porto.
    6. Steve Fleetwood, 2005. "A critical realist reply to Walters & Young," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 587-600.
    7. Thanos Fragkandreas, 2023. "Case study research on innovation systems: paradox, dialectical analysis and resolution," Working Papers 65, Birkbeck Centre for Innovation Management Research, revised 15 May 2023.
    8. Tysiachniouk, Maria & McDermott, Constance L., 2016. "Certification with Russian characteristics: Implications for social and environmental equity," Forest Policy and Economics, Elsevier, vol. 62(C), pages 43-53.
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    11. Steve Fleetwood, 2007. "Austrian economics and the analysis of labor markets," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 20(4), pages 247-267, December.

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