Realism and Inference in Economics: A Note

Dr Paul Downward

Working Papers from Staffordshire University, Business School

Abstract: Despite the widespread appeal to realism as a philosophical doctrine in political economy in general and post Keynesian economics in particular, a variety of epistemological approaches have evolved. This paper reviews these approaches and, based on a synthesis of these ideas offers a broader more operational notion of inference, consistent with the epistemology of Keynes, that includes a constructive role for econometrics.

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