Handbook of Research Methods and Applications in Heterodox Economics
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Handbook of Research Methods and Applications in Heterodox Economics

Edited by Frederic S. Lee and Bruce Cronin

Despite the important critiques of the mainstream offered by heterodox economics, the dominant method remains econometrics. This major new Handbook provides an invaluable introduction to a range of alternative research methods better suited for analysing the social data prominent in heterodox research projects, including survey, historical, ethnographic, experimental, and mixed approaches, together with factor, cluster, complex, and social network analytics. Introductions to each method are complemented by descriptions of applications in practice.
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Chapter 10: Regression analysis: a review

Paul Downward


This chapter presents a heterodox critique of regression analysis in economics in the sense that it reviews whether critical realist concerns should lead to the abandonment of regression analysis. A review of the different ways in which econometrics has tried to cope with the generally agreed difficulties of identification is presented. The critical realist position is then examined, and its argument that the general econometric approach is indicative of an ontologically illegitimate application of a closed system to a structured open system. The chapter closes by arguing that set within the context that causes of events might relatively endure, but are subject to change, regression analysis can be linked to other forms of evidence in an empirical strategy.

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