Research Methods

Introduction
 Introduction – Research methods in
economics
• Research: a systematic process of collecting, examining and
interpreting data
• Research attempts to solve problems, in this case problems of
an economical nature. Overall purpose is to acquire new
knowledge, correct & integrate previous knowledge.
• Systematic in that a general system is followed- it is scientific.
• Attempts to find an objective (unbiased) solution to the
problem.
• Based on empirical evidence:
• “originating in or based on observation or experience (empirical
data)” or “capable of being verified or disproved by observation
or experiment
 Steps in Scientific Research
• Identification and formulation of problem
• Identification of variables
• Formulation of hypotheses
• Collection of data
• Processing of data
• Analysis of data
• Interpretation of data
• Writing of the research report
 Types of Research
• Qualitative
• Quantitative
 Qualitative Research
• Involves description.
• Description & analysis usually from point of
view of those being studied.
• Examples: case studies of institutions,
communities, programmes, etc.
• Relies on research strategies that are flexible
& interactive
• Feelings and insights considered important.
 Applicability of Qualitative research
• When the subject matter is unfamiliar
• When meanings rather than frequencies are
sought.
• When flexibility of approach is needed to
allow for discovery of the unexpected & in-
depth investigation
 Quantitative research
• Relies on principle of verifiability i.e. Confirmation,
proof, corroboration or substantiation.
• Knowledge emerges from what can be proven by
direct observation.
• Meaning that researcher’s values & feelings are
not considered.
• Objectivity is re-inforced.
• Focuses on measurement i.e. Assignment of
numerical values
 Applicability of quantitative research
• When research incorporates the statistical
element.
• Designed to quantify the extent.
• When frequencies are sought to explain
meanings.
• When control of approach is needed to allow
for discovery of the unexpected & in-depth
investigation _ rigid methodologies specified
upfront.
• Both types of research are complementary
• Should be combined to maximize strengths
and minimize limitations of each.