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This chapter articulates a relationship between critical realism and the method of grounded theory, arguing that this is particularly well suited for heterodox economic enquiry. Such an approach to theory creation and evaluation directly engages with mixed research methods (such as historical method, survey methods, participation observation method, analytical statistics, social network analysis, modeling, and cases), data triangulation, and historical theorization. Because critical realism is concerned with the social ontology of the domain of economics and the method of rounded theory promotes the use of mixed research methods and data triangulation, heterodox economics does not have a preference for a particular method or data.

In this chapter, Frederick Lee argues that modeling is a research method that contributes to the development of heterodox economic theory. Moreover, he argues that mathematical modeling is consistent with critical realism and the method of grounded theory when the structures and causal mechanisms in the real world are constitutes the world in the model. As a result working the world in the model helps develop the critical realist_grounded theory (CR-GT) narrative of how the real world works.