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A Practical Approach to Understanding: The Possibilities and Limitations of Applied Work in Political Economy

In: The Austrian and Bloomington Schools of Political Economy

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  • Jayme Lemke
  • Jonathan Lingenfelter

Abstract

What can the applied economist do? In order to explore issues playing out in the “real world” of the past or present, the applied social scientist has to make a series of decisions about what they will accept as the facts of the situation. Particularly for research questions in which the beliefs, plans, and motivations of individuals matter – such as institutional analysis – this task requires the development of some degree of intersubjective understanding, orverstehen. For over 50 years, the Bloomington School of Institutional Analysis has been using fieldwork and deep archival history to conduct meaningful institutional analysis that takes interpretation and the quest for understanding seriously. As such, those who wish to take up the call for economists to take an “interpretive turn” can gain a great deal of insight and practical advice from the study of the Bloomington School’s methods and approach.

Suggested Citation

  • Jayme Lemke & Jonathan Lingenfelter, 2017. "A Practical Approach to Understanding: The Possibilities and Limitations of Applied Work in Political Economy," Advances in Austrian Economics, in: The Austrian and Bloomington Schools of Political Economy, volume 22, pages 67-88, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:aaeczz:s1529-213420170000022005
    DOI: 10.1108/S1529-213420170000022005
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    References listed on IDEAS

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    1. Paul Lewis, 2008. "Solving the “Lachmann Problem”: Orientation, Individualism, and the Causal Explanation of Socioeconomic Order," American Journal of Economics and Sociology, Wiley Blackwell, vol. 67(5), pages 827-857, November.
    2. Emily Chamlee-Wright, 2010. "Qualitative methods and the pursuit of economic understanding," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(4), pages 321-331, December.
    3. Elinor Ostrom, 2010. "Beyond Markets and States: Polycentric Governance of Complex Economic Systems," American Economic Review, American Economic Association, vol. 100(3), pages 641-672, June.
    4. Boettke, Peter & Palagashvili, Liya & Lemke, Jayme, 2013. "Riding in cars with boys: Elinor Ostrom's adventures with the police," Journal of Institutional Economics, Cambridge University Press, vol. 9(4), pages 407-425, December.
    5. Emily Chamlee-Wright, 2011. "Operationalizing the interpretive turn: Deploying qualitative methods toward an economics of meaning," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(2), pages 157-170, June.
    6. Don Lavoie, 2011. "The interpretive dimension of economics: Science, hermeneutics, and praxeology," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(2), pages 91-128, June.
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    Cited by:

    1. Jayme Lemke & John Kroencke, 2020. "Methodological confusions and the science wars in economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 87-106, March.

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    More about this item

    Keywords

    Verstehen; interpretation; hermeneutics; institutional analysis; IAD framework; B53; H13; C93;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • H13 - Public Economics - - Structure and Scope of Government - - - Economics of Eminent Domain; Expropriation; Nationalization
    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments

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