Abstract
This article argues that the considerable socio-economic and political challenges posed by the polycrisis can be better understood through the application of qualitative methods in economic research as quantitative methods fall short in this context. We argue that the integration of qualitative methods into economic research is crucial for two main reasons: first, from a philosophical point of view, a more comprehensive perspective on economic phenomena increases the epistemic quality of economic knowledge, and second, for political reasons, more pluralism in economics increases the democratic quality of capitalistic societies. We provide a review of the literature of the use of qualitative methods in economics and its philosophical underpinnings. Using specific examples of the application of qualitative methods in economic policy research, we show how valuable such perspectives are in facilitating a deeper understanding of the polycrisis. We address concerns against qualitative research in the economic discipline and how our analysis serves to mitigate some of these concerns in the context of the polycrisis. We conclude with a discussion on the potential role of qualitative methods in economic research.
This topic is super intriguing! I totally agree that relying solely on quantitative data can miss out on the real-life experiences and complexities behind economic issues like the polycrisis. It makes me wonder—what kind of qualitative methods do you think are most effective for revealing these deeper insights in economic research? I’m really curious to hear your thoughts!
Qualitative methods could very well be used to deal with something like this. Ethnographic studies, in-depth interviews, and focus groups can provide rich, contextualized data on people’s experiences, perceptions, and behaviours. For instance, studying the lived experiences of people affected by economic shocks can offer insights that quantitative data can’t represent fully. Additionally, discourse analysis can be used to examine how language and narratives shape economic policies and practices. By combining qualitative and quantitative methods, researchers can develop a more comprehensive understanding of economic phenomena.