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Critical realism, grounded theory, and theory construction in heterodox economics

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  • Lee, Frederic

Abstract

This paper proposes an approach to theory creation and evaluation for heterodox economics that is based in the integration of critical realism and the method of grounded theory. Critical realism provides the concepts of structures and causal mechanisms that form the outline of theory construction, while the grounded theory method provides the research strategy to transform them into a theory. After this is set out in the first two sections of the paper, research methods issues, such as data triangulation, case studies, analytical statistics (econometrics), and mathematics and modeling, are discussed. The final section of the paper deals with the historical character of critical realist-grounded theories and the implication for heterodox economic theories.

Suggested Citation

  • Lee, Frederic, 2012. "Critical realism, grounded theory, and theory construction in heterodox economics," MPRA Paper 40341, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:40341
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    File URL: https://mpra.ub.uni-muenchen.de/40341/1/MPRA_paper_40341.pdf
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    References listed on IDEAS

    as
    1. Roy J. Rotheim, 1999. "Post Keynesian Economics and Realist Philosophy," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 22(1), pages 71-103, September.
    2. Paul Downward & Andrew Mearman, 2002. "Critical Realism and Econometrics: Constructive Dialogue with Post Keynesian Economics," Metroeconomica, Wiley Blackwell, vol. 53(4), pages 391-415, November.
    3. Andrew Brown & Gary Slater & David A. Spencer, 2002. "Driven to abstraction? Critical realism and the search for the 'inner connection' of social phenomena," Cambridge Journal of Economics, Oxford University Press, vol. 26(6), pages 773-788, November.
    4. Lawson, Tony, 1989. "Abstraction, Tendencies and Stylised Facts: A Realist Approach to Economic Analysis," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 59-78, March.
    5. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Oxford University Press, vol. 20(1), pages 111-135, January.
    6. H. K. Betz, 1988. "How does the German Historical School fit?," History of Political Economy, Duke University Press, vol. 20(3), pages 409-430, Fall.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Heterodox; Critical Realism; Grounded Theory;

    JEL classification:

    • D0 - Microeconomics - - General
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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