Determinism, Causality and Explanation in Economics: An Austrian School Perspective

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Dawid Megger

Determinism, Causality and Explanation in Economics

An Austrian School Perspective

Dawid Megger

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Hardback

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English

Routledge
27 June 2025

Economic theory & philosophy; Political economy; Economic history

Series: Routledge INEM Advances in Economic Methodology

In recent years, the concepts of determinism, causality, and explanation have taken on particular importance in the economic literature. Due to the failures of economic predictions based on mathematical models, philosophers and economists turned their attention to methodological issues. At the same time, heterodox approaches to economics have received increased attention, including the Austrian school of economics, an intellectual tradition that perceives economics as a science of human action and has emphasised the role of causal explanations practically from its inception. This book opens by exploring disputes in the philosophy of science over the fundamental goal of science. While instrumentalists argue that scientists should aim at good predictions regardless of the veracity of theories, according to scientific realists, they should look for knowledge that reflects reality. The book shows that the Austrian tradition adheres to scientific realism and can be perceived as a middle ground between historicism and positivism. It discusses the determinism/free will problem in economics and its methodological relevance. Then, it examines various theories of causality (regularity, counterfactual, interventionist, probabilistic, and process/mechanistic) and their applicability to economics. Finally, it explores possible and desirable types of explanations in economics. As the book tries to show, the Austrian school offers a unique and valuable approach to these issues. The book will be of particular interest to readers in economic theory, philosophy of economics, and economic methodology, especially those appreciating heterodox traditions.

By: Dawid Megger
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 490g
ISBN: 9781032900438
ISBN 10: 1032900431
Series: Routledge INEM Advances in Economic Methodology
Pages: 170
Publication Date: 27 June 2025
Audience: College/higher education , Primary
Format: Hardback
Publisher's Status: Active

Dawid Megger is an assistant professor at Nicolaus Copernicus University in Toruń, where he teaches microeconomics and public choice theory, among others. His research interests revolve around economic theory, methodology, and political economy. His articles on the philosophy of free action and voluntary exchange in economics have been published in such journals as Journal of Economic Methodology and Synthese. He also participates in international conferences across Europe.