Critical Realism as an Ontological Basis of Post-Keynesianism

In the following text we introduce those approaches to the methodology of economics that are relevant from the perspective of post-Keynesianism. After a partially historical outline of philosophical and methodological stances of John Maynard Keynes and Nicholas Kaldor we attempt to shed some light on a more recent methodological concept, critical realism. This approach is in one way or in other influenced by the two economists' ideas in the realm, as well as some other post-Keynesians. We argue that this, originally heterodox, concept has had an ambition not only to operate as an alternative to the methodology of mainstream, orthodox economics, but to substitute it and thus, proponents say, make economics as such more relevant.

Keywords: critical realism, methodology of economics, post-Keynesianism, heterodoxy, orthodoxy, mainstream, Nicholas Kaldor