Theoretical and Methodological Context of (Post)-Modern Econometrics and Competing Philosophical Discourses for Policy Prescription

Abstract

Abstract This research article was championed as a way of providing discourses pertaining to the concept of “Critical Realism (CR)” approach, which is amongst many other forms of competing postmodern philosophical concepts for the engagement of dialogical discourses in the area of established econometric methodologies for effective policy prescription in the economic science discipline. On the whole, there is no doubt surrounding the value of empirical endeavours in econometrics to address real world economic problems, but equally so, the heavy weighted use and reliance on mathematical contents as a way of justifying its scientific base seemed to be losing traction on the intended focus of economics when it comes to confronting real world problems in the domain of social interaction. In this vein, the construction of mixed methods discourse(s), which favour that of CR philosophy is hereby suggested in this article as a way forward in confronting with issues raised by critics of mainstream economics and other professionals in the postmodern era.