Table of Contents

Handbook of Research Methods and Applications in Heterodox Economics

Handbook of Research Methods and Applications in Heterodox Economics

Handbooks of Research Methods and Applications series

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.

Chapter 9: Factor analysis, cluster analysis, and nonparametric research methods for heterodox economic analysis

Michael J. Murray

Subjects: economics and finance, history of economic thought, methodology of economics, post-keynesian economics, radical and feminist economics, research methods, research methods in economics

Abstract

The chapter seeks to inform readers of factor analysis as an analytical procedure for conducting heterodox economic research, particularly research conducted within a grounded theory_critical realist framework. The chapter enlightens the readers to analytical methods of model building suitable for social and behavioral research. Factor analysis is used many social science disciplines, including business, psychology, sociology, and anthropology, and is just beginning to penetrate the economic discipline. Factor analysis provides a toolkit for those who seek a broader understanding of social and economic phenomena in terms of its underlying social structure. The chapter contextualizes factor analysis within the heterodox economic approach of critical realist_grounded theory and discusses the various methods within factor analysis and conditions for their use.

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