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Critical Realism and the Political Economy of the Euro

Author

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  • Philip Arestis
  • Andrew Brown
  • Malcolm Sawyer

Abstract

This paper is concerned with two issues. First, it discusses some of the main problems and inferences the methodological approach of critical realism raises for empirical work in economics, while considering an approach adopted to try to overcome these problems. Second, it provides a concrete illustration of these arguments, with reference to our recent research project analyzing the single European currency. It is argued that critical realism provides a method that is partially appropriate to concrete levels of analysis, as illustrated by the attempt to explain the falling value of the euro. It is concluded that the critical realist method is inappropriate to the most abstract and fundamental levels of theory.

Suggested Citation

  • Philip Arestis & Andrew Brown & Malcolm Sawyer, 2002. "Critical Realism and the Political Economy of the Euro," Economics Working Paper Archive wp_352, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_352
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    References listed on IDEAS

    as
    1. ., 1998. "Labour," Chapters, in: Heinz D. Kurz & Neri Salvadori (ed.), The Elgar Companion to Classical Economics, volume 0, chapter 88, Edward Elgar Publishing.
    2. Andrew Brown, 2001. "A Comment on Dow's "Post Keynesianism and Critical Realism: What Is the Connection?"," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(2), pages 349-355, January.
    3. Andrew Brown & Gary Slater & David A. Spencer, 2002. "Driven to abstraction? Critical realism and the search for the 'inner connection' of social phenomena," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(6), pages 773-788, November.
    4. Roy J. Rotheim, 1999. "Post Keynesian Economics and Realist Philosophy," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 22(1), pages 71-103, September.
    5. ., 1998. "Monetarism," Chapters, in: John B. Davis & D. W. Hands & Uskali Mäki (ed.), The Handbook of Economic Methodology, chapter 75, Edward Elgar Publishing.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • F0 - International Economics - - General
    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade

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