7. On the Role and Significance of Contextualization in Economic Research

This chapter attempts to highlight the need for contextualization in research with particular reference to research in economics. The purpose is to help connect the missing links between rigour and relevance to strengthen analysis so as to yield an improved and comprehensive understanding of the topic under study, the associated problems and, perhaps, better solutions/recommendations. Towards this end, the researcher is made aware of the surrounding/connected issues, events, processes, phenomena and organizational and social settings including those relating to gender, ethnic, technologies and their spillover effects, so that such issues and perspectives, as may be relevant, be brought to bear upon the analysis. The discussion is taken up at three levels – macro, sectoral and micro – and discussed with the help of a few illustrations thrown up in the light of some recent developments and the need to revisit the conventional assumptions held hitherto. It is shown how our understanding of the problem under study improves substantially as compared to relying merely on quantitative accuracy.