Structuralism in Modern Business-Cycle Theory: A Framework for a Structuralist Reconceptualization

The Center for the History of Political Economy Working Paper Series, CHOPE Working Paper No. 2017-12

16 Pages Posted: 10 Aug 2017

Date Written: July 27, 2017

Abstract

In this tiny paper, a possible framework for a structuralist analysis of modern business-cycle theory is considered. In order to respond to the debates around the realist and instrumentalist interpretations of the works of Friedman I will provide a framework in which the tension between the opposite standpoints can be overcome. Based on epistemic structural realism, firstly, I will identify Friedman’s stance as a mix of agent-level instrumentalism and macro-level causal realism and, secondly, I will scrutinize the consistency of this epistemic strategy. I will argue that causal realism requires one to be realist regarding the assumptions defining agents as well.

Keywords: structural realism, entity realism, business-cycle theory, unrealistic assumptions

JEL Classification: B22, B41

Suggested Citation

Galbács, Péter, Structuralism in Modern Business-Cycle Theory: A Framework for a Structuralist Reconceptualization (July 27, 2017). The Center for the History of Political Economy Working Paper Series, CHOPE Working Paper No. 2017-12 . Available at SSRN: https://ssrn.com/abstract=3015932 or http://dx.doi.org/10.2139/ssrn.3015932

Péter Galbács (Contact Author)

Budapest Business School ( email )

Buzogány utca 10-12
Budapest, H-1149
Hungary

HOME PAGE: http://www.uni-bge.hu

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