The contribution of qualitative methods to economic research in an era of polycrisis

Abstract

AbstractThis 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.