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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

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    1. John B. Davis & D. W. Hands & Uskali Mäki (ed.), 1998. "The Handbook of Economic Methodology," Books, Edward Elgar Publishing, number 741.
    2. Frederic S. Lee, 2002. "Theory creation and the methodological foundation of Post Keynesian economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(6), pages 789-804, November.
    3. Charles K. Wilber & Robert S. Harrison, 1978. "The Methodological Basis of Institutional Economics: Pattern Model, Storytelling, and Holism," Journal of Economic Issues, Taylor & Francis Journals, vol. 12(1), pages 61-89, March.
    4. 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, Cambridge Political Economy Society, vol. 26(6), pages 773-788, November.
    5. Fiona Scheibl & Andrew Wood, 2005. "Investment sequencing in the brick industry: an application of grounded theory," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(2), pages 223-247, March.
    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.
    7. Paul Downward, 1999. "Pricing Theory in Post Keynesian Economics," Books, Edward Elgar Publishing, number 1457.
    8. 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.
    9. Coates,John, 1996. "The Claims of Common Sense," Cambridge Books, Cambridge University Press, number 9780521412568, November.
    10. 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.
    11. Lawson, Tony, 1989. "Abstraction, Tendencies and Stylised Facts: A Realist Approach to Economic Analysis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 13(1), pages 59-78, March.
    12. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 20(1), pages 111-135, January.
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    Cited by:

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    3. Yefimov, Vladimir, 2014. "Constructivisme social, évolution de la profession d’économiste, et projet pour sa réforme radicale [Social constructivism, Evolution of the economics profession, and design for its radical reform]," MPRA Paper 54594, University Library of Munich, Germany.

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    More about this item

    Keywords

    Heterodox; Critical Realism; Grounded Theory;
    All these keywords.

    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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