Whether a theoretical system is realistic or not has been a concern in economics, particularly in monetary theory, over the past century. Following John R. Hicks' proposal that a realistic monetary theory could be constructed along an evolutionary path, starting with the workings of a real...

chapter Introduction -- chapter 1 The philosophical foundations of econometrics. The axiomatic method. Utility as quantity. -- chapter 2 Examples of static and semi-static econometric theories. Monopoly, polypoly. The concept of force -- chapter 3 What is a dynamic theory? Properties of...