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REVIEW PAPER
Narrative Economics: An Emerging New Research Approach
1
Szkoła Doktorska Nauk Społecznych, Wydział Nauk Ekonomicznych, Uniwersytet Warszawski, Polska
Submission date: 2022-07-27
Final revision date: 2022-12-05
Acceptance date: 2023-01-04
Publication date: 2023-03-31
Corresponding author
Łukasz Baszczak
Szkoła Doktorska Nauk Społecznych, Wydział Nauk Ekonomicznych, Uniwersytet Warszawski, Polska
Szkoła Doktorska Nauk Społecznych, Wydział Nauk Ekonomicznych, Uniwersytet Warszawski, Polska
GNPJE 2023;313(1):66-81
KEYWORDS
JEL CLASSIFICATION CODES
ABSTRACT
The article offers an extensive critical overview of economic research that can be
classified into the emerging narrative economics approach. This new research area
highlights the economic importance of various narratives and ideas widespread
in society. This paper focuses on three main fields of narrative economics research.
The first is the study of economic and cultural diversity, which may result from
differences in narratives. The second is research on macroeconomic fluctuations,
which is conducted using methods of automatic analysis of text corpora, such as
news, in terms of their various characteristics (e.g. topic or sentiment). The third
field is experiment-based research on the role of narratives in shaping the preferences,
behaviour, thinking and decision-making of individuals, in particular by
making sense of “raw” data from the world. An in-depth literature review makes it
possible to conclude that narratives hold great potential for economics, but problems
include an imprecise definition of narrative, unclear causal relationships and
economics imperialism. This results from factors such as a superficial, purely quantitative
approach to texts as proxies of narratives and a lack of detailed analysis of
specific narratives. Borrowing ideas from other disciplines, such as interdisciplinary
discourse analysis, may be helpful.
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