Critical realism, empirical methods and inference: a critical discussion

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 epist...

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Bibliographic Details
Published in:Cambridge journal of economics 2002-07, Vol.26 (4), p.481-500
Main Authors: Downward, Paul, Finch, John H., Ramsay, John
Format: Article
Language:English
Subjects:
Cognitive models
Critical realism
Decision making
Economic methodology
Economic models
Economic research
Economic uncertainty
Economics
Emerging institutions
Empiricism
Epistemology
Grounded theory method
History
Inference
Institutions
Keynesian probability
Keynesian theory
Keynesianism
Logic
Ontology
Phenomena
Philosophical realism
Probability
Quantitative and qualitative research
Quantitative economics
Realism
Research methodology
Research methods
Statistical analysis
Studies
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Summary: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.
ISSN:0309-166X
1464-3545
1464-3545
DOI:10.1093/cje/26.4.481