Current Of Causality
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Causality in Macroeconomics
Author: Kevin D. Hoover
language: en
Publisher: Cambridge University Press
Release Date: 2001-08-13
First published in 2001, Causality in Macroeconomics addresses the long-standing problems of causality while taking macroeconomics seriously. The practical concerns of the macroeconomist and abstract concerns of the philosopher inform each other. Grounded in pragmatic realism, the book rejects the popular idea that macroeconomics requires microfoundations, and argues that the macroeconomy is a set of structures that are best analyzed causally. Ideas originally due to Herbert Simon and the Cowles Commission are refined and generalized to non-linear systems, particularly to the non-linear systems with cross-equation restrictions that are ubiquitous in modern macroeconomic models with rational expectations (with and without regime-switching). These ideas help to clarify philosophical as well as economic issues. The structural approach to causality is then used to evaluate more familiar approaches to causality due to Granger, LeRoy and Glymour, Spirtes, Scheines and Kelly, as well as vector autoregressions, the Lucas critique, and the exogeneity concepts of Engle, Hendry and Richard.
Causality and Modern Science
"I regard it as a truly seminal work in this field." — Professor William A. Wallace, author of Causality and Scientific ExplanationThis third edition of a distinguished book on the subject of causality is clear evidence that this principle continues to be an important area of philosophic enquiry.Non-technical and clearly written, this book focuses on the ontological problem of causality, with specific emphasis on the place of the causal principle in modern science. The author first defines the terminology employed and describes various formulations on the causal principle. He then examines the two primary critiques of causality, the empiricist and the romantic, as a prelude to the detailed explanation of the actual assertions of causal determination. Finally, Dr. Bunge analyzes the function of the causal principle in science, touching on such subjects as scientific law, scientific explanation, and scientific prediction. Included, also, is an appendix that offers specific replies to questions and criticisms raised upon the publication of the first edition.Now professor of philosophy and head of the Foundation and Philosophy of Science Unit at McGill University in Montreal, Dr. Mario Bunge has formerly been a full professor of theoretical physics. His observations on causality are of great interest to both scientists and humanists, as well as the general scientific and philosophic reader.
Causality and Modern Science
The causal problem has become topical once again. While we are no longer causalists or believers in the universal truth of the causal principle we continue to think of causes and effects, as well as of causal and noncausal relations among them. Instead of becoming indeterminists we have enlarged determinism to include noncausal categories. And we are still in the process of characterizing our basic concepts and principles concerning causes and effects with the help of exact tools. This is because we want to explain, not just describe, the ways of things. The causal principle is not the only means of understanding the world but it is one of them.The demand for a fourth edition of this distinguished book on the subject of causality is clear evidence that this principle continues to be an important and popular area of philosophic enquiry. Non-technical and clearly written, this book focuses on the ontological problem of causality, with specific emphasis on the place of the causal principle in modern science. Mario Bunge first defines the terminology employed and describes various formulations of the causal principle. He then examines the two primary critiques of causality, the empiricist and the romantic, as a prelude to the detailed explanation of the actual assertions of causal determinism.Bunge analyzes the function of the causal principle in science, touching on such subjects as scientific law, scientific explanation, and scientific prediction. In so doing, he offers an education to layman and specialist alike on the history of a concept and its opponents. Professor William A. Wallace, author of Causality and Scientific Explanation said of an earlier edition of this work: "I regard it as a truly seminal work in this field."