Economics as progress: the LSE approach to econometric modelling and critical realism as programmes for research

In the face of claims that economics is increasingly drivenmerely by fashion, this paper draws out certain similaritiesand differences between two self-consciously progressive anddevelopmental research programmes—namely the LSE approachto econometric modelling and critical realism in economics.The argument is that, while these two programmes of researchshare a common point of departure and possess many common elements,what at root distinguishes them is their adoption of opposingphilosophical orientations. The comparison enables both thenature of each programme, and the relevance of their commonconcerns, to be more easily appreciated and helps clarify thesort of evidence that would provide a basis for selecting oneproject over the other.