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Theory creation and the methodological foundation of Post Keynesian economics

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  • Frederic S. Lee

Abstract

For the last 15 years there have been extensive discussions about the foundations of Post Keynesian economics. From these discussions, Post Keynesians have reached the consensus that their economics is based on a philosophical foundation of realism and critical realism. However, the methodological foundation of Post Keynesian economics, which refers to the methodological guidelines used for creating and developing theory, has received relatively less discussion and development. The aim of this paper is to stimulate discussion in this area by advocating that the method of grounded theory is consistent with critical realism and is a better and more developed set of guidelines for theory creation than the currently accepted alternatives. Copyright 2002, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 26 (2002)
Issue (Month): 6 (November)
Pages: 789-804

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Handle: RePEc:oup:cambje:v:26:y:2002:i:6:p:789-804

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Cited by:
  1. Jo, Tae-Hee, 2012. "Financing investment under fundamental uncertainty and instability: A heterodox microeconomic view," MPRA Paper 39450, University Library of Munich, Germany.
  2. Jo, Tae-Hee, 2013. "Uncertainty, Instability, and the Control of Markets," MPRA Paper 47936, University Library of Munich, Germany.
  3. Tae‐Hee Jo, 2011. "Social Provisioning Process and Socio‐Economic Modeling," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1094-1116, November.
  4. Fulvio Castellacci, 2006. "A critical realist interpretation of evolutionary growth theorising," Cambridge Journal of Economics, Oxford University Press, vol. 30(6), pages 861-880, November.
  5. Siobhan Austen & Therese Jefferson, 2006. "Comparing responses to critical realism," Journal of Economic Methodology, Taylor & Francis Journals, vol. 13(2), pages 257-282.
  6. Wendy Olsen, 2006. "Pluralism, poverty and sharecropping: Cultivating open-mindedness in development studies," Journal of Development Studies, Taylor & Francis Journals, vol. 42(7), pages 1130-1157.
  7. Jo, Tae-Hee, 2011. "Heterodox Critiques of Corporate Social Responsibility," MPRA Paper 35367, University Library of Munich, Germany.

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