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Critical realism, empirical methods and inference: a critical discussion

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  • Paul Downward
  • John H. Finch
  • John Ramsay

Abstract

This paper reviews the critical realist critique of the methods of analysis adopted in neoclassical research and argues that there is scope for clearer guidance for economics researchers who wish to pursue empirical research in the critical realist tradition. It is argued that critical realist epistemology, derived from its open-systems ontology, is unnecessarily dismissive in rejecting research methods that draw inferences from stable empirical regularities and patterns. The argument draws upon Keynes's philosophical explanations of decision-making and probability, on behavioural and institutional explanations of emerging and stable institutions, and on inductive research techniques such as grounded theory, to establish a role for a plurality of quantitative and qualitative approaches to critical realist research. Copyright 2002, Oxford University Press.

Suggested Citation

  • Paul Downward & John H. Finch & John Ramsay, 2002. "Critical realism, empirical methods and inference: a critical discussion," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(4), pages 481-500, July.
  • Handle: RePEc:oup:cambje:v:26:y:2002:i:4:p:481-500
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    Cited by:

    1. Giorgio Fagiolo & Paul Windrum & Alessio Moneta, 2006. "Empirical Validation of Agent Based Models: A Critical Survey," LEM Papers Series 2006/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. Annina Kaltenbrunner, 2018. "Financialised internationalisation and structural hierarchies: a mixed-method study of exchange rate determination in emerging economies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(5), pages 1315-1341.
    3. Andrew Mearman, 2006. "Critical realism in economics and open-systems ontology: A critique," Review of Social Economy, Taylor & Francis Journals, vol. 64(1), pages 47-75.
    4. Eduardo Fernández-Huerga & Ana Pardo & Ana Salvador, 2023. "Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 413-443, July.
    5. Fulvio Castellacci, 2006. "A critical realist interpretation of evolutionary growth theorising," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(6), pages 861-880, November.
    6. Giuseppe Fontana, 2006. "“Mr Keynes and the ‘Classics’” Again: A Methodological Enquiry," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 34(2), pages 161-174, June.
    7. Thomas Brenner & Claudia Werker, 2009. "Policy Advice Derived from Simulation Models," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 12(4), pages 1-2.
    8. Winchester, Tiffany M. & Hall, John & Binney, Wayne, 2014. "Young adult voting decision-making: Studying the effect of usage from a consumer behaviour perspective," Australasian marketing journal, Elsevier, vol. 22(2), pages 144-154.
    9. Patel, Pankaj C. & Fiet, James O., 2010. "Enhancing the internal validity of entrepreneurship experiments by assessing treatment effects at multiple levels across multiple trials," Journal of Economic Behavior & Organization, Elsevier, vol. 76(1), pages 127-140, October.
    10. Giuseppe Fontana & Bill Gerrard, 2006. "The future of Post Keynesian economics," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 59(236), pages 49-80.
    11. Werker, C. & Brenner, T., 2004. "Empirical calibration of simulation models," Working Papers 04.13, Eindhoven Center for Innovation Studies.
    12. Fontana, Giuseppe & Gerrard, Bill, 2004. "A Post Keynesian theory of decision making under uncertainty," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 619-637, October.
    13. Kakarot-Handtke, Egmont, 2010. "Axiomatic Basics of e-Economics," MPRA Paper 24331, University Library of Munich, Germany.
    14. Brennan, Andrew John, 2013. "A critique of the perceived solid conceptual foundations of ISEW & GPI — Irving Fisher's cognisance of human-health capital in ‘net psychic income’," Ecological Economics, Elsevier, vol. 88(C), pages 159-166.
    15. Thomas Brenner & Claudia Werker, 2007. "A Taxonomy of Inference in Simulation Models," Computational Economics, Springer;Society for Computational Economics, vol. 30(3), pages 227-244, October.
    16. Siobhan Austen & Therese Jefferson, 2006. "Comparing responses to critical realism," Journal of Economic Methodology, Taylor & Francis Journals, vol. 13(2), pages 257-282.
    17. James Derbyshire & Mandeep Dhami & Ian Belton & Dilek Önkal, 2023. "The value of experiments in futures and foresight science as illustrated by the case of scenario planning," Futures & Foresight Science, John Wiley & Sons, vol. 5(2), June.

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