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 driven merely by fashion, this paper draws out certain similarities and differences between two selfconsciously progressive and developmental research programmes—namely the LSE approach to econometric modelling and critical realism in economics. The argument is that, while these two programmes of research share a common point of departure and possess many common elements, what at root distinguishes them is their adoption of opposing philosophical orientations. The comparison enables both the nature of each programme, and the relevance of their common concerns, to be more easily appreciated and helps clarify the sort of evidence that would provide a basis for selecting one project over the other.