WP: Structuralism in modern business-cycle theory

Structuralism in modern business-cycle theory

A framework for a structuralist reconceptualization

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 codes: B22, B41

The full text is available here. Any comments are warmly welcome.

atoms

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