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Theory creation and the methodological foundation of Post Keynesian economics

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  • Frederic S. Lee
Abstract
For the last 15 years there have been extensive discussions about the foundations of Post Keynesian economics. From these discussions, Post Keynesians have reached the consensus that their economics is based on a philosophical foundation of realism and critical realism. However, the methodological foundation of Post Keynesian economics, which refers to the methodological guidelines used for creating and developing theory, has received relatively less discussion and development. The aim of this paper is to stimulate discussion in this area by advocating that the method of grounded theory is consistent with critical realism and is a better and more developed set of guidelines for theory creation than the currently accepted alternatives. Copyright 2002, Oxford University Press.

Suggested Citation

  • 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.
    • Handle: RePEc:oup:cambje:v:26:y:2002:i:6:p:789-804
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    Cited by:

    1. Wendy Olsen, 2006. "Pluralism, poverty and sharecropping: Cultivating open-mindedness in development studies," Journal of Development Studies, Taylor & Francis Journals, vol. 42(7), pages 1130-1157.
    2. Wendy Olsen & University of Manchester, 2005. "Pluralism, Poverty and Sharecropping: Cultivating Open-Mindedness in Development Studies," Economics Series Working Papers GPRG-WPS-008, University of Oxford, Department of Economics.
    3. Tae-Hee Jo, 2015. "Financing Investment under Fundamental Uncertainty and Instability: A Heterodox Microeconomic View," Bulletin of Political Economy, Bulletin of Political Economy, vol. 9(1), pages 33-54, June.
    4. Tae-Hee Jo, 2016. "Frederic S. Lee and His Fight for the Future of Heterodox Economics," PSL Quarterly Review, Economia civile, vol. 69(278), pages 267-278.
    5. 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.
    6. 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.
    7. Lee, Frederic, 2012. "Critical realism, grounded theory, and theory construction in heterodox economics," MPRA Paper 40341, University Library of Munich, Germany.
    8. 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.
    9. Jo, Tae-Hee & Todorova, Zdravka, 2015. "Frederic S. Lee’s Contributions to Heterodox Economics," MPRA Paper 62568, University Library of Munich, Germany.
    10. Tae‐Hee Jo, 2011. "Social Provisioning Process and Socio‐Economic Modeling," American Journal of Economics and Sociology, Wiley Blackwell, vol. 70(5), pages 1094-1116, November.
    11. Michael Lainé, 2012. "Keynes on method: is economics a moral science?," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Keynes’s General Theory for Today, chapter 4, pages 60-78, Edward Elgar Publishing.
    12. Jo, Tae-Hee, 2013. "Uncertainty, Instability, and the Control of Markets," MPRA Paper 47936, University Library of Munich, Germany.
    13. Siobhan Austen & Therese Jefferson, 2006. "Comparing responses to critical realism," Journal of Economic Methodology, Taylor & Francis Journals, vol. 13(2), pages 257-282.
    14. Lynne Chester, 2019. "Judging Heterodox Economics: A Response to Hodgson's Criticisms," Economic Thought, World Economics Association, vol. 8(1), pages 1-21, June.
    15. Jo, Tae-Hee, 2011. "Heterodox Critiques of Corporate Social Responsibility," MPRA Paper 35367, University Library of Munich, Germany.

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