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Causal-realist economics is an approach to economics put forth by economists such as Joseph Salerno and Peter Klein which attempts to derive universal laws of social interaction which are relevant and applicable to a wide array of real world situations. This approach has its roots in the development of economic science between 1871 and 1914 by economists such as Carl Menger, Frank Fetter, and Knut Wicksell. The approach is said to be causal in that purposeful human action and economic phenomenon are explained in terms of the Aristotelian notion of cause-and-effect, while it is realist because the approach attempts to explain real world situations rather than hypothetical ones.
See also: Austrian economics
- ↑ Peter Klein "Fundamentals of Economic Analysis: A Causal-Realist Approach", 2007, Lecture 5 Pricing of the Factors of Production and the Labor Market.
- ↑ Joseph Salerno "What is a Causal-Realist Approach?", 2007.
- ↑ Peter Klein "Fundamentals of Economic Analysis: A Causal-Realist Approach", 2007, Lecture 6 Profit, Loss, and the Entrepreneur.
- What is a Causal-Realist Approach? by Joseph T. Salerno, October 2007
- Fundamentals of Economic Analysis: A Causal-Realist Approach (audio and video)
- Principles of Economics by Carl Menger